The same cannot be said for industries like fossil fuels, which many banks have shown to consider too profitable to sacrifice in favor of ESG values. While pursuing sustainability initiatives like a commitment to $200 billion in “clean financing” by 2025, JPMorgan has also been labeled “the top U.S. funder of extreme fossil fuels,” according to the Rainforest Action Network. In fact, the environmental group claims the bank—which has lent money to TransCanada, the energy company behind the controversial Keystone XL pipeline project—has recently increased its exposure to tar sands oil and coal mining projects. (Read more…)
