The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document. The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences. The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas.
Patrick Greenfield and Jonathan Watts. The Guardian. February 21, 2020.
