We wanted to share an update from Green Century’s progressive work with Deforestation within their funds. Green Century is the only mutual fund company in the world that is owned by environmental non-profits and ending deforestation is their flagship environmental campaign.
Green Century announced it has successfully withdrawn its shareholder proposal for JPMorgan Chase’s 2021 Annual Shareholder Meeting after the firm agreed to expand its policies on deforestation.
“We are heartened by JPMorgan Chase’s commitment to hold its clients accountable to help stop deforestation, which minimizes their impacts on biodiversity and natural landscapes,” said Annalisa Tarizzo, shareholder advocate at Green Century.
Banks have recently been under fire to increase scrutiny on their borrower’s business practices. If a borrower may be using bank funds for environmentally or social irresponsible practices, that could expose the banks to being seen as complicit and enabling such behavior.
Marisa Buchanan, JPMorgan Chase’s global head of sustainability, says “We’re committed to doing our part to address climate change. Through our constructive dialogue with Green Century, we’re taking important steps and plan to continue exploring ways to enhance our efforts over time.”
In response to the shareholder proposal, JPMorgan Chase will expand its current efforts by requiring its grower/refiner clients in the palm oil sector to comply with “No Deforestation, No Peat, No Exploitation” (NDPE) sourcing practices.