Rainforest Action Network today commended JPMorgan Chase on its adoption of a comprehensive environmental policy to address the challenges of global warming and deforestation and recognize the rights of indigenous nations.
The policy sets new best practices on the environment in several critical areas including carbon mitigation and reduction, endangered forest protection, independently certified sustainable forestry as well as land and consultation rights of native communities everywhere. It is the first policy of its kind in the financial sector to create a special heading acknowledging “No Go Zones,” a major step forward in the effort to protect ecosystems that are most valuable intact and untouched by industry.
Developed in cooperation with groups including Rainforest Action Network, the new policy marks another environmental milestone in the private financial sector and follows the adoption of similar policies by Citigroup and Bank of America last year.
While I’m always skeptical of self-proclaimed “environmental policy” by big corporations, the imprimatur of the Rainforest Action Network and the World Resources Institute certainly gives this one some weight. I also think it’s particularly hopeful to see financial institutions making these moves, as they, more than any other business sector, can grease the wheels towards sustainable development throughout the business world. Have to make sure to not cancel my Chase card…