The Guardian reports:

JPMorgan Chase won glowing headlines last year when the global investment bank unveiled a commitment to counter the climate crisis.

The press amplified JPMorgan’s message – sometimes in JPMorgan’s own words. Fortune published a commentary article trumpeting the bank’s plans to “tackle climate change”. Six paragraphs into the piece, the writers noted they worked for the investment firm. (They were actually its top executives.)

The bank waited months to detail its plans. In May, it finally outlined its goals: JPMorgan would not pressure oil companies to lower their emissions. Instead, the firm would encourage them to become more efficient. They would focus on their “carbon intensity”.

That metric has become a favorite of banks, oil companies and other big businesses. They’ve balked at requirements to cut overall climate pollution. But “carbon intensity” pledges have given companies a framework to keep investing in dirty fuels, while also expanding into pollution-capturing technology and cleaner energy.

“They love the metric,” said Jeanne Martin, senior manager of banking standards at ShareAction, a non-profit focused on responsible investment.

“They have committed to reducing intensity and financing to the oil and gas sector. But that doesn’t ultimately mean they will reduce oil and gas activities. It may actually increase at a faster rate.”

Such “greenwashing”, experts say, allows companies to downplay the scale of the climate crisis – and continue contributing to the problem. [Continue reading…]