BANKERS LIKE NUMBERS. Numbers tell the story. No emotion gets in the way. So let’s look at the numbers: Over the past three years — that is, in the years after the world came together in Paris to try to slow climate change — JPMorgan Chase lent $196 billion to the fossil-fuel industry. Over the past three years, JPMorgan Chase lent more money to the fossil-fuel industry than any bank on Earth — 29 percent more. And over the past three years, JPMorgan Chase lent more money to the most expansionary parts of the fossil-fuel industry (new pipelines, Arctic drilling, deep-sea exploration) than any other bank — 63 percent more. ¶ That’s not to say that other banks don’t do plenty of damage: Citi, Wells Fargo, and Bank of America are all in the hundred-billion-dollar club. But Chase is in a league of its own. It’s the First National Bank of Flood and Fire. It’s Hades Savings and Loan. It is the Doomsday Bank.
This story is from the April 2020 edition of RollingStone India.
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This story is from the April 2020 edition of RollingStone India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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