|
The hypocrisy is incredible: JPMorgan Chase and BlackRock, two of the
world's largest financial institutions, publicly touted their green bona fides at the United Nations' recent annual climate change conference, while they continue, in private, to fund massive fossil fuel expansion and destruction in the Amazon.
According to a stunning new report by Amazon Watch, both firms have large financial stakes in at least three companies drilling for oil in the Amazon, which are posing a serious threat to biodiversity and the health and welfare of indigenous people and furthering runaway climate change.1
Companies that drill in the Amazon wouldn't be able to continue operations without the backing of these massive banks and investment firms. It's time for us to call on these financial institutions to divest completely from dirty and dangerous fossil fuel operations immediately.
Despite their continued public lip service to social and environmental corporate responsibility, the funding provided by JPMorgan Chase and BlackRock to companies that drill for oil and gas in the Amazon is causing untold destruction to the environment and the health and livelihoods of the indigenous people living there.
According to the Amazon Watch report, one block in the Peruvian Amazon owned by Frontera Energy, a controversial Canadian-based crude oil and gas company, is "infamous for its antiquated, leaky pipeline infrastructure” and its “legacy of dumping billions of gallons of toxic production waters and hundreds of oil spills have left lagoons with oil, contaminated animals, dead fish, cultural knowledge loss, mistreatment of men, women and children."2
Momentum to force financial institutions to divest from fossil fuel projects is growing. Massive public pressure by CREDO members and our progressive allies help pressure Morgan Stanley and Wells Fargo to stop funding the global coal industry.3 And recently, the World Bank announced it would stop funding upstream oil and gas projects in the developing world.4
With the United States leaving the Paris climate agreement at the hands of Donald Trump, it's now more imperative than ever that these massive private financial institutions join with the rest of the global community to stop financing oil and gas drilling.
Tell JPMorgan Chase and BlackRock: Stop financing Amazon destruction. Click the link below to sign the petition:
Add your name:
- Amazon Watch, "Investing in Amazon Destruction," November 2017.
- Alexander C. Kaufman, "JPMorgan, BlackRock Tout Climate Bona Fides While Funding Amazon Oil Drilling," HuffPost, Nov. 9, 2017.
- Rainforest Action Network, "Morgan Stanley and Wells Fargo Cut Coal Financing, Join Growing Movement by Banks in U.S. and Europe," Nov. 30, 2015.
- Anmar Frangoul, "World Bank Group will stop financing upstream oil and gas after 2019," CNBC, Dec. 12, 2017.
|
No comments:
Post a Comment