JPMorgan Warns Investors It May Get Walloped by Climate Change
Bank says climate crisis could materially disrupt its business
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.
The bank’s annual regulatory report added “climate change” as a risk factor, saying it could hurt operations and customers. Risks including prolonged droughts or flooding, increased frequency of wildfires, rising sea levels and altered rainfall could “prompt changes in regulations or consumer preferences, which in turn could have negative consequences for the business models of JPMorgan Chase’s clients,” the company wrote in the filing.
The added disclosure comes a day after JPMorgan vowed to stop financing coal-fired power plants unless they’re using carbon capture and sequestration technology. The bank also won’t provide project financing for new oil and gas developments in the Arctic.
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