JPMorgan Chase (NYSE:JPM), the first American bank to create and successfully test a digital coin representing a fiat currency, also provided the most fossil fuel financing out of any bank in the world, according to a 2019 report titled “Banking on Climate Change.” The bank recently joined a chorus of other financial institutions and endowments that have declared that they will, going forward, be reluctant to provide funding to the fossil fuel industry — which energizes emerging digital technologies and companies — in order to mitigate the effects of climate change.
In a hard-hitting report released to clients on the same day as the World Health Organization published its 32nd coronavirus update, economists at JPMorgan Chase warned that human life "as we know it" could be threatened by climate change. Without action being taken, there could be "catastrophic outcomes."
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