A group Senate progressives including Massachusetts Democrat Elizabeth Warren is demanding that JPMorgan Chase CEO Jamie Dimon explain why the bank has retreated from “binding commitments” on climate and environmental issues, accusing the firm of “responding to, or even fueling, the so-called ‘anti-ESG movement.’”
Details: The lawmakers sent a letter to Dimon dated Tuesday citing an April 2024 shareholder note in which he wrote that JPM was “going to use the word ‘commitment’ much more reservedly in the future, clearly differentiating between aspirations we are actively striving toward and binding commitments.”
The senators called the statement “disturbing” and asked Dimon to respond to a set of questions by July 24. Among their inquiries is why the bank pulled out of the environmental groups Climate Action 100+ and the Equator Principles and what Dimon meant when he discussed the difference between aspirations and commitments.
“Your comment appears to indicate JPMorgan is not planning to make new climate and environment commitments in the future — and raises questions about whether and how JPM will meet its past assurances,” the lawmakers wrote. Warren was joined in signing the letter by Sens. Sheldon Whitehouse (D-R.I.), Ed Markey (D-Mass.), Peter Welch (D-Vt.), Bernie Sanders (I-Vt.) and Jeff Merkley (D-Ore.).