Extinction Rebellion protest JP Morgan Glasgow in reprise of COP26

Extinction Rebellion Scotland activists return to JP Morgan on Waterloo Street, Glasgow a year after COP26.

JP Morgan, 45 Waterloo St, Glasgow G2 6HS
Thursday 3 November 2022

At 7.30am, four activists locked-on to an oil barrel with ‘JP Morgan’ written on it and ‘COP26 Failed’ and ‘COP27 Futile’ gravestones at the main entrance to JP Morgan’s offices in Waterloo Street, Glasgow. One banner reads: ‘JP Morgan – World’s Dirtiest Bank’. Another banner reads ‘Greenwash won’t wash’. At 10:30am, the Oil Slicks, a protest troupe, are expected to perform dressed head to toe in black and wearing ash-like facepaint.

The activists are demanding an end to JP Morgan’s funding of the climate crisis and are highlighting the failure of the COP process.

The action takes place on the eve of COP27, the next step in the failed and widely-discredited [1] UN process to reduce carbon emissions. One year ago, during COP26, Extinction Rebellion protested every day at JP Morgan’s offices in Glasgow.  [2]

One year on and JP Morgan remains a textbook case of why fossil fuel-financing banks and weak governments are wrecking the planet and our future. As carbon emissions continue to rise to record levels since the failed COP26 process [3], JP Morgan have continued their greenwashing, broken pledges and investment in fossil fuel.

Antonio Guterres the Secretary General of the UN said “Governments should require all multilateral development banks to publish their plans to phase out direct and indirect support for fossil fuels before the COP27 climate summit” [4] but JP Morgan are instead pushing for new oil and gas developments.

From 2016 (the Paris Agreement) to 2021, JP Morgan has been the world’s largest investor of fossil fuels, investing more than $382 billion. [5]

Gary Jack from XR Highlands and Islands said,

“Even JP Morgan’s own economists reported in Feb 2020 that the climate crisis  threatens the survival of humanity and yet they are still actively promoting continued investments in fossil fuels. In fact Jamie Dimon, CEO of JP Morgan wrote to shareholders in 2021 saying that the US needed “immediate approval for additional oil leases and gas pipelines”.

“This is ecocide and it is time criminal charges were filed against such destructive corrupt companies and CEO’s such as J P Morgan and Jamie Dimon.

Valerie King from XR Stirling said:

“COP27 will be a failure just like COP26. Emissions are rising so much that it’s predicted that instead of a 1.5°C increase in global heating, we are on a path to over 2.5°C. Parts of the world are turning into unlivable disaster zones.

JP Morgan is one of Big Finance’s worst climate villains benefiting from COP failure and committing ecocide crimes against humanity. JP Morgan will happily invest in Putin’s war, destroy the Amazon and finance a climate catastrophe just so that very rich bankers can make even more money.”
 

Notes

About JP Morgan

JP Morgan Chase & Co. is an American multinational investment bank and financial services holding company

In 2021, the International Energy Agency has stated: ‘If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year. [6] Yet, in March 2022, JP Morgan’s CEO, Jamie Dimon wrote to US President Joe Biden urging a boost in oil and gas production in the US. [7]

In August 2022, Jamie Dimon was reported as saying: ‘Why can’t we get it through our thick skulls?’ America boosting oil and gas production is ‘not against’ climate change. [8]

JP Morgan is among the leading investors in Russian ‘carbon bomb’ fossil fuel projects, therefore helping to fund Putin’s bloody invasion of Ukraine as well as climate breakdown. [9]

JP Morgan continues to invest in the degradation of the Amazon. They have ignored pleas from Indigenous leaders to stop funding logging, oil drilling and mining activities on their land. [10]. Deforestation of the Amazon rainforest in Brazil has hit a six-year high [11] despite being home for hundreds of Indigenous communities, and critical to fighting the climate crisis.

References

[1] COP26 Coalition final press statement

[2] 24 Hour Protest Vigil outside JP Morgan by Extinction Rebellion

[3] Atmospheric levels of all three greenhouse gases hit record high

[4] How to Foot the Bill on Urgent Climate Action

[5] Top 12 banks financing fossil fuels globally, 2016–2021

[6] Energy groups must stop new oil and gas projects to reach net zero by 2050, IEA says

[7] JP Morgan CEO Jamie Dimon reportedly told President Biden the US must increase domestic energy production called for Europe to end reliance on Russian oil

[8] JP Morgan CEO Jamie Dimon: ‘Why can’t we get it through our thick skulls?’ America boosting oil and gas production is ‘not against’ climate change

[9] UK and US banks among biggest backers of Russian ‘carbon bombs’, data shows

[10] Indigenous leaders urge businesses and banks to stop supporting deforestation

[11] Amazon Rainforest: Highest deforestation rate in six years