An Open Letter to Marianne Lake, CEO of Consumer Lending, JPMorgan Chase on Mother’s Day 2021
By Sunrise Kids NYC
Dear Marianne,
It’s us, your fellow moms. We are writing to you about the one thing we really want for Mother’s Day: a future for our children.
We suspect that as a mom you, too, worry about your kids. We know you’ve probably had your fair share of sleepless nights; that you’ve wondered what awaits your babies, if their future selves will be happy, safe, and free. What you may not recognize is that our childrens’ futures are in your hands, too.
Do you know what keeps us up at night? The climate crisis and the outsized role institutions like Chase play in accelerating it. What keeps us up is the thought of rising oceans, melting glaciers, deadly heat waves, bleached coral reefs, endless wildfires, collapsing ecosystems, hurricanes and droughts. When we lie awake it is because we are trying to imagine how we will answer our children when they turn to us and ask — what did you do to stop this?
Marianne, denial is no longer an option. Since you studied physics at university, you know this. You understand the science of climate change. You know that it’s ravaging the planet our kids will inherit. And you also know that, unless financial institutions like Chase make drastic and immediate changes, it will soon spiral out of control.
Researchers have shown that, as a society, we can only afford to burn 20% of existing fossil fuel reserves if we are to keep global temperatures below catastrophic levels.
As a mom and a scientist, you should be calling on your fellow Chase executives, including Jamie Dimon, to acknowledge reality and lead the global transition away from fossil fuels. Instead, during your tenure, Chase has done the opposite, loaning more than $317 billion to new fossil fuel projects since 2016 — vastly more than any other bank. Even now, with the deadly effects of climate change visible all around us, Chase is pouring billions into the dirtiest and most dangerous types of fossil fuel extraction, such as Enbridge’s Line 3 tar sands pipeline.
These actions are both reckless and cruel — to our children, to yours, but especially to the children of the global south — those who have contributed the least to carbon pollution and will suffer its worst consequences.
We’re outraged by Chase’s funding of the climate crisis, but we’re hopeful that, as a fellow mom, you will play a pivotal role in steering the bank toward a radically different future.
That doesn’t mean more greenwashing, as in Chase’s recent climate announcements — financing clean energy doesn’t cancel out the impact of being the world’s largest funder of fossil fuels.
To truly address the climate crisis, Chase must STOP the destruction now by meeting the demands of the Chase Accountability Campaign:
- Stop underwriting new fossil fuel projects, starting with Enbridge’s Line 3 Pipeline
- Stop supporting coal and deforestation
- Commit to halving the bank’s overall climate impact by 2030
- Ensure your clients’ plans are compatible with limiting global warming to a survivable 1.5°C.
As one of the highest ranking parents on Wall Street, you’re not just responsible for your own children. You have immense power over our children’s future, and that of future generations. We’re begging you to use it for good. Until then, you’ll be hearing a lot more from us.
Happy Mother’s Day!
Sunrise Kids NYC
350 Brooklyn Families
