08 Mar 2016:
JP Morgan Will No Longer Invest
In New Coal Mines, Citing Climate Change
Coal mine in Jharia, India
JP Morgan will no longer finance new coal mines or support new coal-fired power plants in “high income” countries, the banking giant said
in a policy statement on its website. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have made similar pledges in recent months, all part of a larger divestment movement aimed at transitioning the world’s economies off fossil fuels. The anti-coal campaign has dealt a blow to an already struggling industry. The price of coal has dropped from $140 per ton in 2009 to $42 in 2016 as cheap, abundant natural gas and renewables have flooded the U.S. energy market. At the same time, support for climate action has grown, with the signing of an international climate agreement Paris last December. “We believe the financial services sector has an important role to play as governments implement policies to combat climate change,” JPMorgan said
in the document.
Yale Environment 360 is
a publication of the
Yale School of Forestry
& Environmental Studies
Yale Environment 360
articles are now available in Spanish and Portuguese on Universia
, the online educational network. Visit the site.
Business & Innovation
Policy & Politics
Pollution & Health
Science & Technology
Antarctica and the Arctic
Central & South America
A look at how acidifying oceans could threaten the Dungeness crab, one of the most valuable fisheries on the U.S. West Coast. Watch the video.
is now available for mobile devices at e360.yale.edu/mobile
An aerial view of why Europe’s per capita carbon emissions are less than 50 percent of those in the U.S. View the photos.
An indigenous tribe’s deadly fight to save its ancestral land in the Amazon rainforest from logging. Learn more.
video series looks at the staggering amount of food wasted in the U.S. – a problem with major human and environmental costs. Watch the video.
Residents of the Chocó Rainforest in Ecuador are choosing to plant cacao over logging in an effort to slow deforestation.
Watch the video.
Tribal people and ranchers join together to stop a project that would haul coal across their Montana land. Watch the video.