JP Morgan economists warn climate crisis is threat to human race [View all]

[Eugene]

Source: The Guardian

JP Morgan economists warn climate crisis is threat to human race

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory

Patrick Greenfield and Jonathan Watts
Fri 21 Feb 2020 16.27 GMT
Last modified on Fri 21 Feb 2020 18.55 GMT

The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.

The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas.

JP Morgan has provided $75bn (£61bn) in financial services to the companies most aggressively expanding in sectors such as fracking and Arctic oil and gas exploration since the Paris agreement, according to analysis compiled for the Guardian last year.

Its report was obtained by Rupert Read, an Extinction Rebellion spokesperson and philosophy academic at the University of East Anglia, and has been seen by the Guardian.

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Read more: https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race