www.dailymaverick.co.za/article/2020-02-26-november-22-five-things-you-need-to-know-to-start-your-day-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2/ BUSINESS MAVERICKWalloped by Climate Change By Bloomberg• 26 February 2020 Caption Emissions rise from a cooling tower at the Jaenschwalde lignite fired power plant, operated by Lausitz Energie Bergbau AG (LEAG), in Peitz, Germany, on Monday, Sept. 16, 2019. Policies being hammered out in Germany to slash carbon emissions may cost 40 billion euros ($44 billion) over the next four years, underscoring the wide scope of Chancellor Angela Merkels plans to boost climate protection. Photographer: Krisztian Bocsi/Bloomberg —————————— JPMorgan Chase & Co, long a target of public scrutiny for its relationship with the fossil-fuel industry, is getting more serious about the impacts of the climate crisis. Follow
The added disclosure comes a day after JPMorgan vowed
Environmental activists have been pressuring the biggest U.S. bank to divest from the fossil-fuel industry and have called on shareholders to remove Lee Raymond, the longtime climate skeptic who previously ran Exxon Mobil Corp., from the lender’s board. DISPLAY ADVERTS
Read more: The oilman behind Dimon draws activists to JPMorgan
Chief Executive Officer Jamie Dimon, another target of environmentalists, has said climate change will be solved with government policy.
“I’ve always thought it was a problem,” Dimon said at the bank’s investor day earlier Tuesday. “We should acknowledge the problem and start working on it.”
Financial firms often include dozens of disclaimers about potential risks in their annual 10-K filings, but JPMorgan’s have typically focused on those more directly related to the economy, regulation and competition. Meanwhile, economists at the firm have been warning clients about the potential for climate change to threaten the global economy and even the human race