From: Rainforest Action Network
Published November 16, 2004 10:18 AM

Global Finance Campaign Targets JP Morgan Chase

- New ads call on JP Morgan Chase to stop making ”investments of mass destruction.’
- DirtyMoney.org profiles JP Morgan Chase ”IMD of the Month’ case studies.
- JP Morgan Chase misses October deadline and postpones environmental policy until 2005.


San Francisco — Rainforest Action Network today announced an advertising campaign and web site targeting JP Morgan Chase (NYSE: JPM), the largest U.S.-based bank still operating without a comprehensive environmental policy. The outdoor ads, which were introduced in Chicago, New York and Washington, D.C. over the weekend, are a first response to JP Morgan Chase backtracking on its commitment to provide a policy to the environmental community by early October.


In an April 21, 2004 letter to Michael Brune, executive director of Rainforest Action Network, William B. Harrison, Jr., chairman and chief executive officer of JP Morgan Chase, committed “to build a broad policy framework by the beginning of October, which will include targets and timelines on initiatives.” An 11th hour letter dated September 30, 2004 from David A. Coulter, vice chairman of JP Morgan Chase, disappointed the environmental community by postponing the release its planned policy until April 2005 at the earliest.


Beneath a bold red headline reading “Stop IMDs,” the new ad depicts a larger-than-life version of Chase’s logo framing the seldom-seen environmental devastation caused by destructive investments. The ad calls on customers to “go to DirtyMoney.org and tell CEO Bill Harrison to stop profiting from environmental destruction.” DirtyMoney.org profiles case studies linking JP Morgan Chase directly with investments of mass destruction around the world. The web site will continue to profile a JP Morgan Chase “IMD of the Month” until the company fulfills on its commitment to meet or beat new industry best practices on the environment set by Bank of America and Citigroup earlier this year.


“JP Morgan Chase is making a killing off of radical resource extraction from the most ecologically fragile ecosystems on Earth,” said Ilyse Hogue, director of the Global Finance Campaign at Rainforest Action Network. “JP Morgan Chase built its financial empire on oil exploitation and continues to profit from investments that are causing global warming. It defies explanation that JP Morgan Chase hasn’t embraced the most fundamental reforms like joining the United Nations Environmental Programme Finance Initiative or signing on to the Equator Principles. We must ask what is JP Morgan Chase waiting for? The Pentagon considers climate change a greater national security threat than terrorism, and this month’s Artic Climate Impact Assessment, an unprecedented four-year study by over 300 scientists, provides clear evidence confirming that the Artic ice sheet, Earth’s early warning system for global warming, is melting. It’s time for America’s second-largest bank to cut to the chase and stop making investments of mass destruction.”


Rainforest Action Network campaigns for the forests, their inhabitants and the natural systems that sustain life by transforming the global marketplace through grassroots organizing, education and non-violent direct action.


CONTACT: Paul West, (415) 398-4404 x319, media@ran.org


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