J.P. Morgan

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Extinction Rebellion calls out J.P. Morgan’s sponsoring of Docklands 5K as an exercise in image-laundering

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Extinction Rebellion calls out J.P. Morgan’s sponsoring of Docklands 5K as an exercise in image-laundering

Dublin docklands, 16th June 2023: Extinction Rebellion Ireland (XRI) activists made things uncomfortable for J.P. Morgan - title sponsor of the annual docklands 5K run - throughout yesterday evening’s event. About 20 activists wearing bibs saying “JP Morgan, Climate Chaos Champion” and “JP Morgan, Divest from Fossil Fuels" engaged with participants and onlookers about the sponsor’s status as the number one financier of fossil fuels since the signing of the Paris Agreement, with financing totalling $434.1 B from 2016 to 2022 and its huge investments ($17.9 B) in the top 12 major oil and gas expansion companies.

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Extinction Rebellion stage a die-in outside Irish Funds conference urging the association to expel fossil fuel funders

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The funds and asset management industry was established in Ireland over 30 years ago. According to Irish Funds, Ireland is the domicile for 5.9% of world-wide investment fund assets, making it the 3rd largest global centre and the 2nd largest in Europe. Their  website states “To provide European citizens with better opportunities to create a more secure future and enjoy long-term financial well-being, we must unlock and facilitate the flow of capital to empower businesses throughout Europe”. But their members include nine of the ten top investors in major companies in oil and gas expansion - companies like Exxon, Chevron, Conoco and Glencore. Also among Irish Funds members are four of the banks labelled the “Dirty Dozen” in the 2023 Banking on Climate Chaos report. This label is due to their outsized financing of fossil fuels in the years following the Paris Agreement to limit rising global temperatures. These investment companies and banks include Amundi, BlackRock, BNY Mellon, Invesco, J.P. Morgan, LGIM, State Street, UBS,Vanguard, BNP Paribas, Citi Bank and RBC, most of which have offices in Dublin. XRI says that by allowing these tainted companies to continue as members, Irish Funds is legitimising their cannibalisation of the planet.