Protesters Criticize JPMorgan Chase For Financing Climate Change

By KCBS All News 106.9FM and 740AM

SAN FRANCISCO — Activists demanded JPMorgan Chase cut financial connections with industries that cause and accelerate global warming.

Protesters rallied outside of a conference held by the bank on Tuesday. 

The company has said it's fighting climate change with $200 billion in clean financing to help organizations switch to environmentally friendly energy sources by 2025. But the protesters faulted Chase for its ties to companies involved in fossil fuel production, such as recent loans to TransCanada, the company behind the controversial Keystone XL pipeline project. 

"There one of the biggest funders of fossil fuels, which is arguably the greatest health threat of our time," said Tess Geyer, an organizer with the Rainforest Action Network

If Chase moved away from oil and gas companies, Geyer said she believes that other banks would follow suit. 

"They have an incredible amount of power and influence," said Geyer. 

Chase officials issued a statement to KCBS Radio saying that environmental factors are taken into account when making financial decisions. 

"We have sought to actively engage with a diverse set of stakeholders, including environmental groups and Indigenous people, to understand their views and the facts on the ground. We firmly believe that balancing environmental and social issues with financial considerations is fundamental to sound risk management."