Our group focuses mostly on banks but increasingly insurance companies and asset managers are also a target. We are working with the national Stop the Money Pipeline coalition. We are starting to witness incredible momentum: Chase Bank has finally decided to be in alignment with the Paris Accord though they are still funding fossil fuels, Goldman Sachs has announced it will stop funding coal mining companies and Arctic drilling projects. Liberty Mutual has promised to stop insuring coal projects. Hartford Insurance has said no more coal or tar sands. BlackRock, the world’s largest asset manager, has committed to divesting from coal, and making climate central to the way it does business.
We are starting to see the momentum making changes – and there’s SO MUCH more to do!
Check out the Stop the Money Pipeline’s News Updates and our 350PDX Stop the Money Pipeline Reading List.
We focus on JPMorgan Chase, the biggest funder worldwide of the fossil fuel industry and the largest US funder of the Jordan Cove pipeline project, because we’re trying to make “the music stop, very suddenly.” Read on!
Here’s the theory of change: Author Bill McKibben, 350.org co-founder, wrote in a September 2019 New Yorker article:
So what would happen if, tomorrow, Chase announced that it was going to phase out lending to the fossil-fuel industry—probably first by restricting loans for particular projects, and then by ending general corporate lending and banning the underwriting of new debt and equity for fossil-fuel companies? “Wells Fargo and Citi would follow within days,” according to Tim Buckley, a former managing director at Citi, who now serves as the director of energy-finance studies for Australasia at the Institute for Energy Economics and Financial Analysis (I.E.E.F.A.), a Cleveland-based nonprofit research group. In fact, “they’d look to go one step further, so as to pretend they weren’t really sheep. And this would have global ramifications—the music would stop, very suddenly.” Wall Street, Buckley said, “can be very deaf to warnings for years, but the financial-market lemmings will suddenly act in unison” once the biggest players send a signal. Everyone knows that the fossil-fuel era will come to an end sooner or later; a giant bank pulling back would send an unmistakable signal that it will be sooner. The biggest oil companies might still be able to self-finance their continuing operations, but “the pure-play frackers will find finance impossible,” Buckley said. “Coal-dependent rail carriers and port owners and coal-mine contracting firms will all be hit.”