Saturday December 9th, 1pm, Dublin 2: Members of Extinction Rebellion Ireland (XRI) and People Before Profit (PBP) spilled "oil" from canisters emblazoned “Death by Oil” on the steps of JP Morgan's offices on Sir John Rogerson's Quay as they demanded that JP Morgan Chase divest from fossil fuels, after the US based bank provided $39.2 billion in funding to the fossil fuel industry in 2022.
The action coincided with a Global Day of Action for Climate Justice along the route of a march from Grand Canal Square to the GPO. The march, marking COP 28, was organised separately, by the Climate Justice Coalition, of which XRI and PBP are members and which formed in the run up to COP 26. The Coalition comprises many grassroots social justice and environmental organisations, individuals and trade unions, calling for a Just Transition away from fossil fuels, while protecting the most vulnerable members of society and providing a better life for all. This march passed by the front of the J.P Morgan office on its route and participants cheered to show support for the action on the steps of the building.
JP Morgan Chase have consistently been ranked among the worst financial institutions for investing in fossil fuels, according to the Rainforest Action Network’s “Banking on Climate Chaos” Report. The most recent report states that JP Morgan Chase provided over $434 billion globally in fossil fuel finance between 2016 and 2022, more than any other bank. JP Morgan Chase are the top of the “Dirty Dozen” - 12 banks that dominate the financing of fossil fuels.
XRI have consistently targeted JP Morgan this year, along with Citi bank and asset management company, BlackRock. In March, five XRI rebels disrupted J.P. Morgan Dublin’s “Women in Technology” networking event, interrupting it with speeches drawing attention to the harm the company is doing by financing fossil fuel companies. In May, they staged a die-in blocking the entrance to the Irish Funds Global Funds Investment Conference, demanding that the Irish Funds Industry Association expel J.P. Morgan and 13 other major global banks and asset management companies that are among the top funders of fossil fuels. In June, XRI protested at the Docklands 5K run, calling out JP Morgan for sponsoring the event as a way of laundering their image.
Maud Slangen of XRI said:
“This week there were more fossil fuel lobbyists than ever at the 28th COP. This toxic industry that is killing the planet, and blocking urgent climate action is funded by financial institutions like JP Morgan Chase. If the money is taken away they will fall. JP Morgan talk up their investments in renewables, but without divestment from fossil fuels this is meaningless. To secure a livable future we need all banks to immediately and entirely divest from fossil fuels.
We act in solidarity with communities from the Global South being worst affected by the climate crisis while once again being under-represented and ignored on the international stage”
Paul Murphy TD, climate and environment spokesperson for People Before Profit said:
“Ireland is acting as a conduit for the transfer of billions of euros of investment in fossil fuels and agri-business in the Global South. More than $6 billion is held in bonds and shares in polluting industries by investment managers registered in Ireland. JP Morgan is a key part of this problem. To avoid an unlivable planet we need to stop investing in fossil fuels. The profits of JP Morgan and the richest corporations in the planet must not continue to come before the future of the majority.”
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