JPMorgan Chase

  • HQ: New York, NY
  • Branches/offices in 38 states, in all regions of U.S.

Financing Climate Change

  • JPMC is the top corporate financier of the oil & gas industry in the world, having extended $385 billion in financing to the industry since 2000. (Bloomberg)
  • JPMC is the 10th biggest corporate financier of the coal industry in the world – and the 4th-biggest in the U.S. – having extended $3.8 billion in financing to the industry since 2000. (Bloomberg)
  • JPMC is the biggest corporate financier of mountaintop removal coal mining. They are the third-biggest financier of Massey Energy ($479 million since 2000) and the third-biggest financier of International Coal ($58 million). (Bloomberg)

Gambling on Carbon Markets

  • JPMC’s Environmental Markets division is specifically devoted to carbon trading. They bought UK-based carbon trader ClimateCare for an undisclosed price in March 2008, and bought leading carbon trader EcoSecurities for $200 million in Nov. 2009.
  • JPMC also belongs to both the European Climate Exchange and the Chicago Climate Exchange – as well as being a member in a number of groups that lobby for carbon trading, such as the Carbon Markets & Investors Association and the International Emissions Trading Association. Carbon Insider calls JPMC and Morgan Stanley the two biggest carbon traders in the U.S.
  • JPMC received $95 billion in bailouts from the federal government in 2008 (in that year, CEO Jamie Dimon was paid $19.7 million). They played a major role in causing the subprime lending crisis (the cause of the current global recession): they provided financing to the top two subprime lenders in the U.S., Countrywide and Ameriquest. (“Do we trust JPMC to do a better job with carbon markets than they did with subprime markets?”)

Pushing a Corporate Climate Agenda

  • JPMC is also involved in lobbying against strong climate policy. They’re a member of a number of particularly bad lobbying groups – including the International Chamber of Commerce, the U.S. Council for International Business, and the European Federation of Energy Traders.

Existing Campaigns

  • Campaign by RAN and allies over mountaintop removal and coal power finance. Active campaign; protests are ongoing. Numerous protests against bank bailouts, organized by labor & social justice groups.

Bank of America

  • HQ: Charlotte, NC
  • Branches/offices in 46 states, in all regions of U.S.

Financing Climate Change

  • BofA is the third-biggest corporate financier of the oil & gas industry in the world, having extended $247 billion in financing to the industry since 2000. (Bloomberg)
  • BofA is the third-biggest corporate financier of the coal industry in the world – and the second-biggest in the U.S. – having extended $7.6 billion in financing to the industry since 2000. (Bloomberg)
  • BofA is heavily involved in financing mountaintop removal coal mining. They are the biggest financier of Patriot Coal ($500 million since 2000). They’re also the biggest shareholder of MTR company Alpha Natural Resources; they own 8% of the company. (Bloomberg)

Gambling on Carbon Markets

  • BofA is a member of the European Climate Exchange (they’re one of only three U.S. commercial banks that belong to this exchange), and they joined the Chicago Climate Exchange in July 2007. They’re also members of the Carbon Markets & Investors Association and the International Emissions Trading Association. And they also made a $10 million strategic investment in Climate Exchange PLC (the parent of CCX) in July 2007.
  • BofA received $200 billion in bailouts from the federal government, without which the company almost certainly would have filed for bankruptcy; $57 billion of that is still outstanding. They played a central role in causing the subprime lending crisis (the cause of the current global recession): they heavily financed Countrywide Financial, the country’s top subprime lender, and bought Countrywide in July 2008. (“Do we trust BofA to do a better job with carbon markets than they did with subprime markets?”)

Pushing a Corporate Climate Agenda

  • Bank of America is also involved in lobbying against strong climate policy. They’re members of the U.S. Council for International Business – the U.S. arm of the International Chamber of Commerce, one of the worst corporate lobbyists on climate issues.

Existing Campaigns

  • Campaign by RAN and allies over mountaintop removal and coal power finance. Campaign is relatively inactive; focus is currently on JPMC. Numerous protests against bank bailouts, organized by labor & social justice groups.

Morgan Stanley

  • HQ: New York, NY
  • Offices/branches in all 50 states.

Gambling on Carbon Markets

  • Already in 2006, Morgan Stanley spent $3 billion to buy a 38% stake in carbon trader MGM International. They created Morgan Stanley Carbon Bank in Aug. 2007.
  • Morgan Stanley is also a member of the European Climate Exchange, the world’s biggest carbon market. And they’re members of the International Emissions Trading Association – a key pro-carbon-trading industry group. Carbon Insider calls Morgan Stanley one of the two biggest carbon traders in the U.S. (along with JPMorgan Chase).

Financing Climate Change

  • Morgan Stanley is the 13th biggest corporate financier of the oil & gas industry in the world, having extended $75.7 billion in financing to the industry since 2000. (Bloomberg)
  • Morgan Stanley is the 5th biggest corporate financier of the coal industry in the world – and the 3rd-biggest in the U.S. – having extended $7.4 billion in financing to the industry since 2000. (Bloomberg)

Chevron

  • HQ: San Ramon, CA
  • Chevron or Texaco gas stations/facilities in 44 states (search for “Chevron” or “Texaco” on Google Maps).

Producing Climate Change

  • Chevron is the largest corporation in California, the 3rd largest U.S. corporation, the 4th largest oil company in the world, and the 5th largest corporation in the world
  • Chevron is a leader in oil production from the Alberta tar sands—an energy-intensive process that generates three to five times more global warming pollution than conventional oil production.
  • Chevron is a leader in developing oil from shale in the Midwestern U.S.—a process causing significantly greater emissions of global warming pollution than conventional production. Chevron is considering building coal-fired power plants to provide the energy to sustain oil shale production.
  • Chevron is a leader in deep offshore drilling.  Drilling in water depths greater than 500 feet releases methane, a green house gas at least twenty times more potent than carbon dioxide in its contribution to global warming.
  • Chevron also operates a Coal Company—the most carbon-intensive fossil fuel—and a Chemical Company producing a host of toxic and environmentally destructive chemicals.

Pushing a Corporate Climate Agenda

  • Chevron belongs to several groups that are lobbying against strong climate agreements – such as the International Chamber of Commerce, the American Petroleum Institute, the World Business Council for Sustainable Development, and the World Alliance for Decentralized Energy.
  • Chevron is also a member of the Carbon Capture & Storage Association – a key lobby that’s pushing a vile false solution.

Existing Campaigns

  • Campaign by Communities for a Better Environment to stop expansion of the Richmond,  CA refineries.

BP

  • HQ: London; U.S. HQ: Houston, TX
  • BP or AM/PM stations in 39 states (none in most of Rockies)

Pushing a Corporate Climate Agenda

  • When it comes to global climate policy lobbying, BP is king. BP’s Chairman, Peter Sutherland, is also Vice-Chairman of the European Round Table of Industrialists – one of the worst climate lobbyists out there. BP is also a member of the International Chamber of Commerce, the World Business Council for Sustainable Development, the Carbon Capture & Storage Association, the European Chemical Industry Council, the European Federation of Energy Traders, and of course the American Petroleum Institute – all of which are heavily involved in climate policy lobbying.
  • In 1989, BP was one of the co-founders of the Global Climate Coalition, a group made up largely of oil & auto companies whose goal was to block action to reduce carbon emissions. BP left GCC in 1997.
  • In June 2005, the Independent reported that BP had been lobbying to kill the McCain-Lieberman climate bill – pushing instead for a bill by Sen. Chuck Hagel that would offer companies tax breaks for cutting their CO2 emissions.

Gambling on Carbon Markets

  • BP was central in developing the European carbon trading system. After the Kyoto Protocol was drafted in 1997, there was a great deal of energy behind the idea of a carbon tax (a much better way of regulating carbon). In 1999, BP created their own company-internal carbon-trading system. In 2000, Margaret Mogford – the wife of BP Vice President John Mogford – became the head of the UK’s Emissions Trading Group, and she used BP’s carbon-trading scheme as the model for the UK’s system. The European oil industry, led by BP, then successfully lobbied for the UK’s carbon trading system to be used as the basis for the creation of the EU’s Emissions Trading Scheme. BP is also a member of the European Climate Exchange, and of the International Emissions Trading Association.

Producing Climate Change

  • BP is the third-biggest oil company in the world, after Shell and ExxonMobil. In 2008, BP refined 800 million barrels of oil. And burning these 800 million barrels of oil caused 250 million tons of CO2 emissions – or about 1% of global CO2 emissions from all sources.
  • BP has also bought 50% shares in two fields in the Alberta tar sands, for a total of $2.75 billion. Tar sands oil causes three times more CO2 emissions than regular crude oil – because it takes huge amounts of energy to extract the oil from the tar sands, and because forests have to be clear-cut in order to get it.
  • BP has spent hundreds of millions on an advertising campaign rebranding itself as ‘green’ – and specifically to be “beyond petroleum” (a pretty cheeky slogan for the world’s third-largest oil company). A lot of their greenwashing ads have been based on their investments in natural gas, which they refer to as “the cleanest-burning fossil fuel” – which is kind of like giving an addict an award for switching from freebasing cocaine to snorting it. (In 2004, natural gas was responsible for 20% of all global CO2 emissions, or about 5.3 bilion tons.)

American Electric Power

  • HQ: Columbus, OH
  • Power plants in AR, IN, KY, LA, MI, OH, OK, TX, VA, WV; other facilities in TN

Producing Climate Change

  • American Electric Power (AEP) gets 66% of its power from coal – significantly higher than the U.S. average of 45%. In comparison, they get 1.7% from wind, and their solar power division has “focused primarily on education and outreach” (i.e. rather than on building solar power plants). (AEP Annual Report and website; EIA)
  • AEP owns 21 coal power plants. These 21 plants represent 8% of U.S. coal power production. They also produce over 150 million tons of CO2 each year – which amounts to 3% of all U.S. CO2 emissions. To put this in perspective, AEP’s coal power plants produce more CO2 each year than the entire country of Pakistan – a country of 160 million people. (Sourcewatch)
  • AEP’s subsidiary SWEPCO is planning to build a new 600 MW coal power plant just north of Fulton, AR. The company has already started preliminary construction on the site, while awaiting final approval from state environmental regulators. The Sierra Club and the Audubon Society have unsuccessfully tried to stop the plant through lawsuits. The plant is one of just 38 coal plants that is still being developed in the U.S., after a massive wave of cancellations of proposed plants in the last several years; it is one of just 12 new coal plants being developed by a major utility. (Sourcewatch)

Pushing a Corporate Climate Agenda

  • AEP is also a big promoter of carbon capture & storage (CCS) technology – perhaps the biggest and ugliest false solution out there. In search of “clean coal,” AEP is planning to build a CCS test project at its Mountaineer coal power plant near New Haven, WV. The project will capture about 16% of the plant’s CO2, and initial cost estimates are about $700 million. AEP is applying for a federal DOE “Clean Coal Power” subsidy of $334 million to help pay for the project.
  • AEP is also a member of the World Business Council for Sustainable Development – one of the nastiest international climate policy lobby groups. And they’re a member of the Chicago Climate Exchange, the new U.S.-based carbon-trading market (and a key false solution).

Existing Campaigns

  • In July 2006, Earth First! and Rising Tide activists blockaded AEP’s Clinch River coal power plant near Carbo, VA.