Fill out the form below, and copy and paste this into an email, too, and send it to your branch manager (or be old-fashioned & snail-mail it)–it’s important for the local branches to understand why people are suddenly leaving. Thank you!
TO: Jamie Dimon, CEO, JPMorgan Chase
CC: Board of Directors, JPMorgan Chase
Dear Mr. Dimon —
I am a customer who has recently closed my Chase account, because I am deeply distressed by the bank’s involvement in financing the extraction and transport of Canadian tar sands.
As one of the two lead banks arranging the $5bn revolving credit for TransCanada in December, Chase is essential to the construction of Keystone XL. As you may recall from the first fight over KXL, former NASA climatologist Jim Hansen said in 2011 that if the tar sands are exploited, it’s “game over” for the climate. As you may also know, Rosebud Sioux Chairman Cyril Scott said in 2014 that the tribe would consider the pipeline an “act of war”.
I understand that loaning to such projects is normal business practice. I also understand that if we continue with currently normal business practice we are in the last decade or two of a reasonably stable planet. This is not a controversial truth. According to a recent analysis by Carbon Brief, we now have only four years left if we wish to have even a 2/3 chance of staying below 1.5°C of warming (the goal of the Paris Climate Agreement)—which we assuredly do, given that current levels of warming have already triggered terrible processes, and caused droughts, wars, and hideous storms. When they say we have four years, they don’t mean that in four years we have to get serious about reducing our fossil fuel use. They mean that at current rates of emissions, in four years, we have to stop if we want to avoid widespread tragedy.
Under these circumstances, building new fossil fuel infrastructure is absurd–especially pipelines for tar sands, the dirtiest fossil fuel on the planet: if we use them for the decades required for a return on the investment, we risk the end of human civilization.
There comes a time when what was once considered normal business practice–be it slavery, a sweatshop, or sexual harassment–is seen to be profoundly immoral. When it comes to protecting a livable planet for our children, we have come to that moment.
I hope that your future financing practices will more accurately reflect the crisis in which we find ourselves. Until such a time, I will find other places for my money, and do all that I can to ensure that entities with which I am involved do the same.