JPMorganChase states in its 2024 “Sustainability Report” that it relies on the International Energy Agency’s Net Zero Emissions by 2050 scenario to “inform how we engage with our clients and continue to allocate capital in support of a transition to an energy-secure low-carbon economy…” https://www.jpmorganchase.com/content/dam/jpmorganchase/documents/about/j pmc-sustainability-report-2024.pdf But parts or all of this reliance may be in error and/or impossible to achieve. Recent developments casting doubt on “net zero by 2050” include: • The US EPA has proposed to rescind the its 2009 finding that emissions of greenhouse gases endanger the public welfare. https://www.epa.gov/regulations-emissions-vehicles-and-engines/proposed-rule reconsideration-2009-endangerment-finding The Department of Energy issued a report concluding that: “Attribution of climate change or extreme weather events to human carbon dioxide emissions is challenged by natural climate variability, data limitations, and inherent model deficiencies. Moreover, solar activity's contribution to the late century warming might be underestimated. Both models and experience suggest that CO2-induced warming might be less damaging economically than commonly believed.” https://www.energy.gov/sites/default/files/2025 07/DOE_Critical_Review_of_Impacts_of_GHG_Emissions_on_the_US_Climate_July_2025.pdf • The One Big Beautiful Bill Act terminated hundreds of billions of dollars of the climate-related, “Green New Scam” spending of the Inflation Reduction Act. https://www.whitehouse.gov/articles/2025/06/50-wins-in-the-one-big-beautiful-bill/ • The federal government terminated California’s EV mandate. https://thehill.com/policy/energy environment/5346277-trump-california-ev-mandate-cra/ • Billionaire climate activist Bill Gates retreated from his earlier position that emissions have catastrophic potential. https://www.wsj.com/opinion/bill-gates-climate-change-bjorn-lomborg-e3fe6d24 • ExxonMobil has determined that “net zero by 2050” is not “technically feasible.” https://www.reuters.com/sustainability/exxonmobil-ceo-warns-eu-sustainability-law-could end-europe-operations-2025-11-03/ • The utility industry has determined that economy-wide “net zero” is not possible. https://lcri netzero.epri.com/ • The Washington Post has reported that, “Climate change is out. Energy affordability is in.” https://www.washingtonpost.com/climate-environment/2025/11/10/climate-democrats electricity-prices-cop30/ • The Associated Press has reported: “Landmark Paris Agreement set a path to slow warming. The world hasn’t stayed on it.” https://apnews.com/article/climate-negotiations-agreement-paris-brazil-warming-harms d56626cd6f7f1f8e5c1a9afbde9d5198 • Management consulting firm McKinsey says fossil fuels will dominate global energy use past 2050. https://www.reuters.com/sustainability/exxonmobil-ceo-warns-eu-sustainability-law-could-end europe-operations-2025-11-03/ • The Guardian reported, “Dramatic slowdown in melting of Arctic sea ice surprises scientists; Natural climate variation is most likely reason as global heating due to fossil fuel burning has continued.” https://www.theguardian.com/environment/2025/aug/20/slowdown-in-melting-of-arctic sea-ice-surprises-scientists • Oil companies are abandoning wind and solar investments in favor of oil and gas. https://www.reuters.com/business/energy/bp-ditch-renewables-goals-return-focus-fossil-fuels-2025-02 24/ • The United Nations reports that emissions are inexorably increasing. https://www.unep.org/resources/emissions-gap-report-2025 • The Washington Post reported the Earth has been cooling for the past 485 million years. It began warming 20,000 years ago coming out of the coldest period of that 485 million years. https://www.washingtonpost.com/climate-environment/2024/09/19/earth-temperature-global warming-planet/ Shareholders have the right to know the whether management’s assumptions and beliefs about climate are credible. Management should conduct its own due diligence annually and report the results to shareholders, versus simply relying on a potentially biased third-party like the International Energy Agency.