Bright and early Tuesday morning, JPMorgan Chase convened its 2025 virtual shareholder meeting, beginning at 10:00 AM ET. As of 2024, JPMorgan Chase holds the impressive title of the largest bank by market capitalization in the world. Headquartered in New York City, the multinational company serves millions of customers in over 100 countries and has operated for 225 years.
For most of those years, JPMorgan Chase prioritized its fiduciary duty to shareholders over chasing political trends. However, in recent years, the company has consistently demonstrated its unwillingness to divest from questionable business practices. For instance, the company’s Sustainable Financing Commitment includes a pledge to finance $2.5 trillion for sustainable development by 2030, with $1 trillion specifically dedicated to so-called “climate solutions.”
Despite some board members and shareholders showing a willingness to support and put forward proposals aligned with the climate lobby, it seems the vast majority of investors are unsupportive of the company’s current climate policy trajectory. One shareholder proposal presented at Tuesday’s meeting — which requested a report detailing the company’s “social implications of climate transition finance” — received only 10% of the vote and was, thankfully, opposed by the board as well.
Additionally, in 2023, JPMorgan Chase disclosed that it financed $1.29 in green energy for every dollar invested in high-carbon energy supply. This ratio includes lending, debt underwriting, tax-oriented investments, and green bonds. It was this financing ratio that CFACT’s Nate Myers honed in on during the meeting.
Getting his questions read aloud, Mr. Myers asked, “Your Energy Supply Financing Ratio claims you fund $1.29 in green energy for every $1 in high-carbon projects. Why are you prioritizing that ratio instead of funding based on ROI, energy reliability, or client demand?
Audibly displeased by Mr. Myers’ question, Chairman and CEO Jamie Dimon responded, “I think we use all those categories to finance, and the green is also a for-profit venture. Not a gift.”
While Mr. Dimon’s response was somewhat confusing, his overall tone appeared dismissive of CFACT’s concern over JPMorgan Chase’s questionable financing policy practices. Despite claiming to prioritize client demand, Mr. Dimon can’t sidestep the fact that the overwhelming majority of American customers reject the higher energy prices caused by reliance on renewable energy. By spending more money on “green” energy than on reliable sources, JPMorgan Chase is footing the bill to its investors — all in the name of scoring a few political brownie points.