People Are Using Market Pressure to Stop Chase Bank’s Dirty Funding
by Linda Rodríguez
April 13, 2018
People are giving 1-star ratings to Chase Bank because they are so disappointed in the fossil fuel projects Chase is bankrolling.
People across the nation are furious about tar sands and other fossil fuel pipelines. So furious and fired up in fact, that almost 10,000 activists marched outside of Vancouver to protest the expansion of the Kinder Morgan Trans Mountain pipeline at the call of Coast Salish peoples whose lands would be impacted— and people across the U.S. and Canada are finding other creative ways to show public opposition to the companies backing these dirty pipelines. In the U.S., this includes JPMorgan Chase, one of the big banks funding tar sands pipeline companies like Kinder Morgan. Even KM has realized there is a lot of risk to go forward with the project, which is exactly why banks like Chase now also need to reconsider financing oil pipeline projects.
Tar sands are one of the dirtiest sources of oil on the planet, and the fight to stop tar sands pipelines is a key battleground in the climate fight. More tar sands pipelines mean more tar sands development. If we are to stop runaway climate change, we must keep the tar sands in the ground.
As millions of Americans were affected by wildfires, floods and hurricanes in 2017 — which cost countless lives, and a record-breaking $306 billion in damages, it has become clear that climate change is fueling these extreme-weather related disasters, and it must be stopped. Because of this, people across the U.S. are taking action to let Chase know their true feelings about the bank’s dirty pipeline funding.
Last week, many of you left Chase 1-star ratings on Nerdwallet — a popular financial review site where many people go when considering a bank.
Together, many of you were quickly able to make your feelings known about Chase’s connection to tar sands pipelines. Here’s Chase Bank’s rating before people found out about their dirty spending:
These are just a few of the things that people had to say about Chase:
“The investment in pipelines is risking the futures of many. Not only are they taxing on the finances of individuals but they are also taxing our future on this planet.”
“Across the country, companies are attempting to build oil pipelines that threaten our environment, our water and the rights of sovereign Indigenous nations. But here’s the thing — those pipeline companies need bank loans in order to build their projects. If it is hard for them to get the money, it is harder for them to build the pipelines. As one of the largest financial institutions in the world, JPMorgan Chase has already recognized the responsibility of the financial sector to safeguard our global climate and protect human rights — yet they are still one of the largest investors in pipelines. I no longer support Chase since they support DIRTY OIL!!!!”
Now here is what happened after people took action:
Nerdwallet was soon flooded with so many negative comments that the site quickly stopped allowing people’s comments on Chase Bank’s dirty spending, and began blocking many of the submitted 1-star ratings and comments. But never fear! If you were unable to comment on Nerdwallet, you can help us by taking action on another site that Chase won’t be able to ignore: Facebook!
We’ve selected a few unofficial Chase bank pages for branches in key cities. We are asking you to help us continue rating Chase with a 1-star rating and a comment with your review. This way they can hear us LOUD AND CLEAR.
We are just getting started — banks like Chase will no longer be able to fund dirty fossil fuel projects without it affecting their public image — which we all know is key to their long-term success as a company.
This is the time when we need to come together, and use our voices to demand action. Share this and our step by step process on how to rate Chase, so we can protect our planet and support First Nation communities whose sacred lands and water are being threatened. Join us!