Climate Changed
JPMorgan Facing Shareholder Backlash Over Oil Sands Financing
- Bank seeks SEC approval to drop request for oil-sands review
- Shareholder groups cite other banks’ financing restrictions
Photographer: Ben Nelms/Bloomberg
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JPMorgan Chase & Co. considers itself a leader among banks fighting climate change. Chief Executive Officer Jamie Dimon lauded the 2015 global Paris accord, and the bank has committed to buying and financing clean energy, as well as reducing its coal-industry work.
Yet the bank is the top U.S. lender and financier to oil-sands producers and pipeline companies, according to some shareholders who want the company to disclose the risks.