STATEMENT: JPMorgan Chase* Follows Through on Pledge to Adopt Improved Deforestation Policy
Media Contact: Thomas Peterson, email@example.com, 617-482-0800
Boston, October 6, 2021 – On Thursday, JPMorgan Chase followed through on its agreement with Green Century Capital Management° to adopt stronger policies on deforestation by publishing a revised Environmental and Social Policy Framework. In April, Green Century Capital Management withdrew its shareholder proposal for JPMorgan Chase’s 2021 Annual Shareholder Meeting after the firm agreed to expand its policies regarding the major commodity drivers of deforestation.
Green Century shareholder advocate Thomas Peterson issued the following statement:
“We are encouraged to see JPMorgan Chase fulfill its pledge to require ‘No Deforestation, No Peat, No Exploitation’ (NDPE) policies for its clients that produce or refine palm oil. Investors have come to expect NDPE policies from companies in the palm oil value chain. This NDPE requirement is a first for a major American bank, and will help ensure that the bank’s clients are not contributing to tropical forest loss.
“JPMorgan Chase has also strengthened its requirements for clients involved in growing, processing, and trading soy grown outside the United States, and broadened its policy on timber to include clients in the pulp and paper industry.
“We cannot meet the goals of the Paris Agreement without ending commodity-driven deforestation, which contributes planet-warming emissions roughly equivalent to those of the entire European Union. Banks can play a leading role in cutting off financing for activities that destroy forests. We hope JPMorgan Chase’s Wall Street peers will follow its lead in adopting NDPE policies.
“Despite its recent commitment, JPMorgan Chase has work to do to adequately address its exposure to deforestation risk. For example, its updated Environmental and Social Policy Framework makes no mention of cattle, the leading commodity driver of deforestation. JPMorgan Chase must clarify that it requires No Deforestation and Native Vegetation Conversion (NVC) policies for its clients involved in producing and trading all forest risk commodities, including soy, beef, and pulp and paper.”
About Green Century Capital Management
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of June 30, 2021, JP Morgan Chase & Co. comprised 0.00%, 0.00% and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund and the Green Century International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 10/21