The big banks of Wall Street follow where the money goes, and right now, its certainly not in coal. JPMorgan Chase became the latest big pack to pull back from coal, joining a growing list of financial institutions including Bank of America, Citigroup, and Wells Fargo. It’s part of a broader divestment campaign led by environmental groups including San Francisco-based Rainforest Action Network looking to move the world’s economies beyond fossil fuels. JPMorgan’s sustainability pledge states it will no longer finance coal-fired plants in some countries and will consider on a “case-by-case basis” for coal plants that capture carbon dioxide emissions and prevent their release into the atmosphere.
JPMorgan becomes the latest to divest from coal to combat climate change
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