For most of those years, JPMorgan Chase prioritised its fiduciary duty to shareholders over chasing political trends. However, in recent years, the company has consistently demonstrated its unwillingness to divest from questionable business practices. For instance, the company’s Sustainable Financing Commitment includes a pledge to finance $2.5 trillion for sustainable development by 2030, with $1 trillion specifically dedicated to so-called “climate solutions.”
Despite some board members and shareholders showing a willingness to support and put forward proposals aligned with the climate lobby, it seems the vast majority of investors are unsupportive of the company’s current climate policy trajectory. One shareholder proposal presented at Tuesday’s meeting – which requested a report detailing the company’s “social implications of climate transition finance” – received only 10% of the vote and was, thankfully, opposed by the board as well.
Additionally, in 2023, JPMorgan Chase disclosed that it financed $1.29 in green energy for every dollar invested in high-carbon energy supply. This ratio includes lending, debt underwriting, tax-oriented investments, and green bonds. It was this financing ratio that CFACT’s Nate Myers honed in on during the meeting...<<<Read More>>>...