"Oil companies and the banks that finance them are making empty promises – and getting credit for them too"
"JPMorgan Chase won glowing headlines last year when the global investment bank unveiled a commitment to counter the climate crisis.
The press amplified JPMorgan’s message – sometimes in JPMorgan’s own words. Fortune published a commentary article trumpeting the bank’s plans to “tackle climate change”. Six paragraphs into the piece, the writers noted they worked for the investment firm. (They were actually its top executives.)
The bank waited months to detail its plans. In May, it finally outlined its goals: JPMorgan would not pressure oil companies to lower their emissions. Instead, the firm would encourage them to become more efficient. They would focus on their “carbon intensity”.
That metric has become a favorite of banks, oil companies and other big businesses. They’ve balked at requirements to cut overall climate pollution. But “carbon intensity” pledges have given companies a framework to keep investing in dirty fuels, while also expanding into pollution-capturing technology and cleaner energy."
Miranda Green and Siri Chilukuri report for Floodlight November 4, 2021.
