JPMorgan CEO meets Texas AG amid threats to bar banks over ESG policies
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Jamie Dimon, CEO of JPMorgan Chase & Co., met with Texas Attorney General Ken Paxton because Paxton threatened to prevent more banks from assisting the state and local governments in selling project bonds.
Dimon and Paxton convened in New York in April, as reported by an undisclosed source.
The attorney general’s staff have been meeting with bankers to investigate if they are involved in boycotting the oil and gas industry. Paxton specifically targeted members of the Net-Zero Banking Alliance, which includes JPMorgan.
Also read: Institutional investors with assets worth $1.2 trillion urge Barclays to halt financing fracking
“Jamie meets with elected officials all the time, but his message has been consistent on Texas: JPMorgan Chase is committed to the state in the long-term and to helping Texas remain a top energy producer,” a spokesperson for the bank said in a statement.
“We make independent business decisions and are not constrained by our memberships to any third-party organizations.”
In 2021, JPMorgan joined the Net-Zero Banking Alliance, committing to align its lending and investments with net-zero emissions by 2050. This occurred before the alliance became a focal point for Republicans in conservative states.
A recent report published on Monday by groups including the Rainforest Action Network revealed that JPMorgan was the top financier of fossil fuels worldwide in 2023, with increasing funding to the sector each year.
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