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JPMorgan Chase to stop loans for fossil fuel drilling in the Arctic
The Hill ^ | 02 24 2020 | John Bowden

Posted on 02/24/2020 6:44:59 PM PST by yesthatjallen

JPMorgan Chase announced Monday that it is planning to end loans to companies pursuing fossil fuel drilling in the Arctic Circle, according to reports.

The Washington Post reported that the bank said that it will soon complete a 2017 commitment to help fund $200 billion in projects to help meet the U.N.'s sustainable development goals, as well as $50 billion for "green initiatives."

The bank also plans to phase out all existing and future loans to the coal industry by 2024, and end the financing of oil and gas extraction projects in the Arctic, a region vulnerable to the effects of climate change.

JPMorgan will continue, however, to do business with coal companies that have alternative revenue streams, a move that along with its decision to continue supporting fossil fuel projects in the mainland U.S. drew criticism from environmental advocates.

“It seems like weak beer to me, basically just copying Goldman,” Bill McKibben, a Middlebury College professor of environmental studies and a vocal advocate for divestment from fossil fuels, told the Post. “But it shows that even the biggest bank on Earth feels citizen pressure, so we will keep supplying that!”

SNIP

(Excerpt) Read more at thehill.com ...


TOPICS: News/Current Events; US: Alaska
KEYWORDS: alaskaarticrefuge; arctic; banking; energy; fakescience; finance; jpmorganchase
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The first bank caves to SJW extortion.
1 posted on 02/24/2020 6:45:00 PM PST by yesthatjallen
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To: yesthatjallen

NATIONALIZE them.


2 posted on 02/24/2020 6:46:46 PM PST by BobL (If some people here don't want to prep for Coronavirus, they can explain it to their families)
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To: yesthatjallen

A new market opens


3 posted on 02/24/2020 6:49:07 PM PST by FatherofFive (Islam is EVIL and needs to be eradicated)
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To: yesthatjallen

Banks are financial utilities, backstopped by the government. They should serve all legal businesses.


4 posted on 02/24/2020 6:52:07 PM PST by Pearls Before Swine
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To: yesthatjallen

Stupidity abounds in every sector. This kind of thinking is the Coronavirus of progressivism. When these phonies accelerate their notes on beach front properties AND quit lending to such properties, then I’ll be a ‘believer’!


5 posted on 02/24/2020 6:56:11 PM PST by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: yesthatjallen

You’d almost have to have a mental disorder to do what they are doing.


6 posted on 02/24/2020 6:56:48 PM PST by DoughtyOne (The DNC has a taxidermist on speed dial for Nancy, Hillary, and Ruth.)
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To: yesthatjallen
By 2024 the country should be fully converted from fossil fuels to fairy dust. But the downside is fairies don't give up their dust willingly.


7 posted on 02/24/2020 6:57:10 PM PST by Telepathic Intruder
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To: Telepathic Intruder

I probably should be worried that the cartoon turned me on


8 posted on 02/24/2020 7:03:23 PM PST by dp0622 (Radicals, racists Don't point finger at me I'm a small town white boy Just tryin' to makne ends meet)
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To: yesthatjallen

Time to find another bank. Good bye Chase. First flaunting the rainbow flag in June, and now this.


9 posted on 02/24/2020 7:05:28 PM PST by Fred Hayek (The Democratic Party is now the operational arm of the CPUSA)
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To: yesthatjallen

Someone else will step up and be glad for the business.


10 posted on 02/24/2020 7:06:08 PM PST by Blood of Tyrants (A socalist is someone that wants everything you have except your job.)
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
JPMorgan will continue, however, to do business with coal companies that have alternative revenue streams, a move that along with its decision to continue supporting fossil fuel projects in the mainland U.S. drew criticism from environmental advocates.

11 posted on 02/24/2020 7:08:43 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: Pearls Before Swine

End the bailout protection—let them virtue signal on their own dime!


12 posted on 02/24/2020 7:11:31 PM PST by cgbg (The Democratic Party is morphing into the Donner Party)
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To: BobL

“NATIONALIZE them.”

that’s a real winner of an idea. /sarc

Nationalizing industries is what Bernie wants to do. all that the government Hass to do is fine them, Christ!


13 posted on 02/24/2020 7:13:52 PM PST by wildcard_redneck (If the Trump Administration doesn't prosecute the coup plotters he loses the election in 2020)
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To: yesthatjallen

Drillers will have to chase their money elsewhere.


14 posted on 02/24/2020 7:18:23 PM PST by chajin ("There is no other name under heaven given among people by which we must be saved." Acts 4:12)
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To: wildcard_redneck

The big banks are effectively nationalized by the Left anyway, given the regulations they work under - and the way they answer to the Leftists, even when the Leftists do not have power (such as in this case).

So, NATIONALIZE THEM, and let Trump give them the orders.


15 posted on 02/24/2020 7:20:07 PM PST by BobL (If some people here don't want to prep for Coronavirus, they can explain it to their families)
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To: yesthatjallen

They should go full-blast against the oil and coal industries.

They should stop all loans for cars and trucks and all forms of transportation and home heating. Otherwise, they’re being highly hypocritical.

Stop the consumption, and the source industries die.


16 posted on 02/24/2020 7:22:29 PM PST by adorno
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To: yesthatjallen

And they wonder why I cut up my Chase Card.


17 posted on 02/24/2020 7:25:42 PM PST by Maris Crane (/)
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To: yesthatjallen

Sounds like a class action about to tear a hole in Chase and sink it forever.


18 posted on 02/24/2020 7:30:00 PM PST by Dogbert41 (Blessed is He who comes in the Name of the Lord!)
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To: dp0622
This should snap you out of it.



Not all fairies are as cute as Tinkerbell.
19 posted on 02/24/2020 7:38:36 PM PST by Telepathic Intruder
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To: yesthatjallen

Turn their lights off first.


20 posted on 02/24/2020 7:53:48 PM PST by lastchance (Credo.)
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