JP MORGAN CHASE & CO. | Humanitarian risks due to climate change policies at JP MORGAN CHASE & CO.

Status
1.05% votes in favour
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
JPM
Lead filer
National Legal and Policy Center
Resolution ask
Conduct due diligence, audit or risk/impact assessment
ESG theme
  • Environment
  • Social
ESG sub-theme
  • Just Transition
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Resolved clause
"RESOLVED: Shareholders request the Board of Directors to
oversee an audit that analyzes the impacts, both adverse and
beneficial, of JPM's climate transition policies regarding the
economic and humanitarian effects on emerging nations,
which rely heavily on - but have limited access to - fossil fuels
and other non-""renewable"" sources of power, such as
nuclear. Perspectives from a full spectrum of respected
economists, nongovernmental organizations, research firms,
and public-interest groups could be considered. JPM should
avoid one-sided political or viewpoint bias, with the auditor
consulting specialists across a range of stances - including
those who may rebut prevailing corporate media- and
government-driven narratives on climate and energy. Among
perspectives that may be considered include experts such as
Alex Epstein, Michael Shellenberger, Bjorn Lomborg, Robert
Bryce, Roy Spencer, John Christy, Roger Pielke, Jr., Richard
Lindzen, and others.
A report on the audit, prepared at reasonable cost and
omitting confidential or proprietary information, should be
published on JPM's website."
Whereas clause
"WHEREAS: The global energy crisis has focused the public's
and policy makers' attention on the effects from rising energy
prices. Russia's invasion of Ukraine is partially to blame, but
the haphazard worldwide transition to so-called1
""green""
energy has arguably inflicted greater harm via toxic pollution
and energy prices:2
• According to Fatih Birol, Executive Director of the
International Energy Agency, developing nations are the
most vulnerable to rising fossil fuel prices.3
""Birol said
those who will be hit hardest include oil-importing nations
in Africa, Asia and Latin America because of higher import
prices and their weaker currencies.""
• 760 million people, primarily in Africa and Asia, still don't
have access to electricity, according to the IEA.4
• Reduced investment in fossil fuels disproportionately
impacts the poor.5
""Reducing poverty is not feasible
without access to cheap and reliable energy.""6
• Developing nations represent potential sources of business
growth—or decline—for JPMorgan Chase & Co. (""JPM"") and
the global economy."
Supporting statement
"SUPPORTING STATEMENT: JPM has made energy transition
policies integral to its lending and underwriting activities:
• JPM joined the Net-Zero Banking Alliance in
October 2021.
7
The NZBA is a group of leading global
banks, convened by the United Nations, committed to
transitioning the economy to net-zero emissions by 2050.8
• JPM has pledged to finance and facilitate $2.5 trillion in
climate action and sustainable development by 2030.9
• JPM is targeting a 31% reduction in emissions from crude
steel production and a 36% reduction from aviation
by 2030.
10
• JPM has promised to phase out ""credit exposure"" to the
coal extraction industry by 2024.11
• ""The J.P. Morgan Development Finance Institution (JPM
DFI) was established in January 2020 to mobilize finance
in support of the UN Sustainable Development Goals in
emerging economies.""
JPM's climate policies appear to conflict with its commitment
to the SDGs,12 especially the first goal of ""no poverty.""13

1
https://www.dailymaiI.co.uk/sciencetech/article-12545855/Devastating-transition-green-energy-metal-mining-23-million-people-toxic-waste-rivers-polIuted-farmland.htmI
2
https://www.wsj.com/articles/americas-new-energy-crisis-11659153633
3
https://www.cnbc.com/2022/10/26/iea-developing-nations-the-number-one-casualty-of-the-energy-crisis.html
4
https://www.iea.org/reports/sdg7-data-and-projections/access-to-electricity
5
https://www.brookings.edu/articles/it-is-unfair-to-push-poor-countries-to-reach-zero-carbon-emissions-too-early/
6
https://thebreakthrough.org/journal/no-16-spring-2022/let-them-eat-carbon
7
https://www.bloomberg.com/news/articles/2021-10-08/jpmorgan-joins-net-zero-banking-alliance-with-emissions-pledge#xj4y7vzkg
8
https://www.unepfi.org/net-zero-banking/
9
https://www.jpmorganchase.com/news-stories/jpmc-to-advance-climate-action-and-sustainable-dev-goals
10 https://www.reuters.com/business/sustainable-business/jpmorgan-sets-2030-emissions-targets-polluting-industries-2022-12-22/
11 https://www..cnbc.com/2020/02/25/jpmorgan-says-it-will-fund-200-billion-in-sustainable-deals-this-year.html
12 https://www.jpmorganchase.com/impact/sustainability/es-commitments
13 https://sdgs.un.org/goals "

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