JPMorgan Chase leads 65 banks making decisions incompatible with restraining rising temperatures, researchers say

JPMorgan Chase leads 65 banks making decisions incompatible with restraining rising temperatures, researchers say

The world’s largest banks committed $906bn in financing to the fossil fuel industry last year, an “unfathomable” increase in investment locking in years more of coal, oil and gas production as the world continues to overheat, a new report has found.

The surge in new fossil fuel lending, up $64bn or nearly 8% on 2024, shows that the world’s largest 65 banks are making decisions incompatible with international agreements to restrain rising global temperatures, according to the coalition of environmental groups behind the new analysis.

JPMorgan Chase is again the world’s leading financier of fossil fuels, according to the annual Banking on Climate Chaos report, after pushing $58bn to the sector last year – up 13% from 2024.

  • Mulligrubs@lemmy.worldEnglish
    3·
    2 days ago

    JP Morgan has been around since the 1800s, they have a finger in every pie.

    Hey… did you know that JP Morgan executives have served at the Fed? Along with many other prominent bankers, of course. Everyone who “serves” on the Fed is one of them.

    We have the foxes in charge of the hen house, this is perfectly reasonable… thank God for the Fed stabilizes our economy and keeps inflation low!

    Oh wait… that can’t be right. What are they there for, since they can’t accomplish their primary goals in over a century? Hmmm.

    • partofthevoice@lemmy.zip
      2·
      2 days ago

      It’s centralized banking branded as a “Federal Reserve” because the public was heavily anti centralized banking at the time of its establishment.

      • Mulligrubs@lemmy.worldEnglish
        3·
        1 day ago

        It’s not even Federal, that’s the joke. It was created to stop our economy from boom-bust, but it hasn’t been able to accomplish that bare minimum in a century. These bankers “serving” terms at the Fed are not our friends, they are not a “public service” and they are robbing the American public blind.

        I encourage anyone interested to check out their own website, and note who “serves”, and who they worked for before and after their term. JP Morgan. Morgan Stanley. Bank of America. The very institutions that profit off of monetary policy are in charge of monetary policy.

        https://www.federalreserve.gov/aboutthefed/bios/board/default.htm