Rockefeller heirs call on banks to stop lending to fossil fuel companies – CNBC

Rockefeller heirs call on banks to stop lending to fossil fuel companies – CNBC

Descendants of Standard Oil founder John D. Rockefeller are calling on the major banks to put an end to fossil fuel financing.

Daniel Growald, Peter Gill Case and Valerie Rockefeller — fifth-generation members of the famed family — have launched BankFWD, which is a network of powerful individuals and institutions aimed at persuading banks to change their lending practices.

While necessary in order to stem the impacts of climate change, they also argue that shifting away from fossil fuel dependence is necessary from an economic perspective. In other words, long-term financial viability is inextricably linked to the changing planet.

“There’s a strange thing happening right now where the business world is still trying to wrap its head around the idea of climate change, that there are true risks to the economy,” Daniel Growald said Friday on CNBC’s “Squawk on the Street.” “There’s a very direct economic connection. If banks such as JPMorgan don’t change their practices, ultimately, it’s very poor business over the longer term.”

Growald, who is a grandson of former Chase Manhattan Corporation CEO David Rockefeller, noted that JPMorgan is the starting point since the bank is by far the largest fossil fuel lender. According to a report from Rainforest Action Network, JPMorgan provided roughly $268 billion in fossil fuel financing over the last four years, well above Wells Fargo, the second largest provider, at $198 billion.

On Oct. 6, JPMorgan announced a financing commitment that would keep its practices aligned with the goals set forth in
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