WASHINGTON – Putting a feather in the cap of fossil fuel’s downfall in 2020, JPMorgan Chase & Co announced today that former ExxonMobil CEO Lee Raymond is quitting its board of directors after over three decades in the post. During his tenure as Exxon CEO, Raymond spearheaded the corporation’s efforts to bury climate science and sow doubt and deception about fossil fuels causing climate disasters.
On this news, Richard Brooks, 350.org Senior Campaign Strategist, said:
“Climate denier mastermind and former Exxon CEO Lee Raymond fleeing the JPMorgan Chase Board is a sign of the changing winds of financial institutions taking climate action seriously. Make no mistake, Raymond quitting is a direct result of pressure from shareholder champions like New York City Comptroller Scott Stringer and climate activists with the Stop The Money Pipeline coalition. While JPMorgan Chase remains the world’s largest fossil fuel financier, with Raymond no longer holding them back, Chase must overhaul its coal, oil and gas funding.”
This comes just over a week after the $226 billion New York State Common Retirement Fund shook the financial world by announcing its decision to divest from risky fossil fuel companies and 2025 and decarbonize by 2040.
This post was originally published on Radio Free.