#JP Morgan
Energy And Transportation Sectors Feel Ripple Effects of Coronavirus – Will There Be Climate Benefits?

Energy And Transportation Sectors Feel Ripple Effects of Coronavirus – Will There Be Climate Benefits?

Oil and gas producers are being impacted by the spread of COVID-19 as Conoco-Phillips has canceled the travel of hundreds of workers who shuttle up to the oil fields on the North Slope of Alaska while workers currently there work an additional week, and in North Dakota the oil and gas commission is considering banning operators from either selling more unwanted Bakken crude oil or even forcing them to abandon wells completely.

Why This Matters:  The up and down sides of the scrambled new world order are coming into focus.

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JP Morgan To Stop Funding Arctic Projects, Warns Its Investors About Climate “Catastrophe”

JP Morgan To Stop Funding Arctic Projects, Warns Its Investors About Climate “Catastrophe”

JP Morgan Chase, the largest funder of oil and gas projects in the Arctic, announced on Monday that it will no longer fund those projects and it will reduce its investment in coal-fired power projects, but it will continue to invest in oil and gas projects in the rest of the U.S.

Why This Matters:  The commitment by JP Morgan to stay out of the Arctic shows that pressure from the public is working — forcing the bank to reconsider its fossil fuel loans and investments in a part of the planet which is changing more rapidly than most areas.

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