JP Morgan Will Lobby Gov't to Adopt Global Warming Strategy

(From the user blogs. Welcome, Japhet! -chris)

Perhaps you heard the huge news coming out of the financial sector last week: JP Morgan Adopts Green Policies. Why is this a big deal? I digress...

Rainforest Action Network and other environmental groups have been so successful in their campaigns over the past 5 years that corporations have become fearful of becoming a target of the group.

RAN spearheaded the campaign on JP Morgan and was deeply involved as the corporation drew up its environmental policy (which you can read here). JP Morgan is the 3rd largest bank in the U.S with assets over $1.1 trillion throughout 50 different countries worldwide. JP Morgan joins CitiGroup and Bank of America to become the top 3 US banks to adopt revolutionary environmental policies as a result of campaigns by RAN.

Perhaps the most impressive piece of the JP Morgan policy released on Monday, is that they "will convene a financial industry coalition to push the US government for a national global warming policy." This means that not only will the nation's largest banks and lenders be actively lobbying the federal government, but they'll be doing it to push through a national strategy to deal with global warming. Those are some big-time folks we've got sitting on the green side of the aisle now. Keep your eye on who RAN targets next. If they can take down the 3 largest banks, bring them to the table, and send them home with an environmental policy there's no telling who they'll target next.

positive activism

Forgive me for being frank, but I rarely involve myself with activist groups. I actually was asked to sign this particular RAN petition by a friend, and my initial reaction was the same as it is for most petitions - skepticism. My concern is that petitions are easy for the petitioned to discount since they don't actually have to deal with the petitioners. You can fax as many signatures as you like to a CEO, but in the end it's still just a big pile of paper that is easy to throw away.

In the interest of politeness I decided to give the substance of the petition a read anyway, and I was surprised by what I saw: the petition was pointed, discussing the potential economic benefits of good environmental investments, and was directed not at some distant CEO but at the local bank branch manager. I expressed my surprise to my friend, who told me that all of the petitions were going to local branch managers because they were more invested in the views of their local customers. This, I thought, seems a productive way conduct activism. And so I signed it. Based on the outcome it looks like I was right.

On a larger scale, it's abundantly clear that in the current political atmosphere, no amount of increased "scientific certainty" is going to change the views of the majority of policymakers. Economics is the language in policy circles, but environmental costs are not yet part of that language, proving that even many economists are having trouble getting through. Pressure from profit-seeking organizations is the fastest way to change this.

Terrific news.

Thanks also for the link to the Economist piece, Chris. For years I've had little interest in learning economic theory or even basic financial concepts. Bring up money and my mind wandered.

Now I find at least the broad economic philosophies fascinating and, most importantly, my mind seems willing to absorb new ideas, even after money is mentioned.