The dark secrets behind big oil’s climate pledges
JPMorgan Chase won glowing headlines last year when the global investment bank unveiled a commitment to counter the climate crisis.
The press amplified JPMorgan’s message – sometimes in JPMorgan’s own words. Fortune published a commentary article trumpeting the bank’s plans to “tackle climate change”. Six paragraphs into the piece, the writers noted they worked for the investment firm. (They were actually its top executives.)
The bank waited months to detail its plans. In May, it finally outlined its goals: JPMorgan would not pressure oil companies to lower their emissions. Instead, the firm would encourage them to become more efficient. They would focus on their “carbon intensity”.
That metric has become a favorite of banks, oil companies and
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