Greenpeace USA Exposes BlackRock and JPMorgan Chase CEO's ... - greenpeace.org
Greenpeace USA Exposes BlackRock and JPMorgan Chase CEO’s Affair With Climate Wrecking Bitcoin through Massive NYC Projections - Greenpeace USA
Greenpeace USA Exposes BlackRock and JPMorgan Chase CEO’s Affair With Climate Wrecking Bitcoin through Massive NYC Projections
July 18, 2023
Greenpeace USA unveiled the climate impacts of Bitcoin investments by financial giants JPMorgan Chase & Co. (Chase) and BlackRock through visual displays projected onto iconic structures in the heart of New York City.
© Demian Neufeld / Greenpeace
Click here for images and videos
New York, NY (July 18, 2023) – Using stunning projections on prominent buildings in the heart of NYC, Greenpeace USA cast a spotlight on the detrimental climate impact of Bitcoin investments by financial giants JPMorgan Chase & Co. (Chase) and BlackRock. The display painted the NYC skyline with images of BlackRock CEO Larry Fink and Chase CEO Jamie Dimon donning red laser eyes, similar to the profiles of Bitcoin maximalists. Accompanying this visual spectacle, Greenpeace USA presented an array of facts and figures, shedding light on the undeniable climate impact associated with Bitcoin. This escalation follows the recent release of the report, Investing in Bitcoin’s Climate Pollution: Big Finance is Betting on Dirty Bitcoin,” and highlights the urgent need for change.
The Greenpeace USA report, published just days ago, exposes the financial institutions driving Bitcoin’s climate destruction. It reveals that BlackRock, Chase, and other major players such as Fidelity, Vanguard, CitiGroup, Goldman Sachs, Visa, Mastercard, and American Express have collectively invested a staggering $1.5 billion in Bitcoin mining. By facilitating broader use of Bitcoin and offering Bitcoin-backed investment products, these companies are also accelerating the growth of Bitcoin emissions, which already rival those of countries like Sweden. This directly contradicts these financial institutions’ climate commitments.
Bitcoin, referred to as a “climate bomb,” consumes energy at an alarming scale. The majority of this energy is derived from fossil fuels like coal and gas. Shockingly, coal-fired power plants that were slated for closure have been kept open or even reopened to power Bitcoin mining operations.The projections serve as a visual reminder of the critical issue at hand and demand immediate action from Chase and BlackRock.
Joshua Archer, Greenpeace USA Bitcoin Campaign Lead said: “Every scientific report makes clear that we need to rapidly transition away from fossil fuels if we’re going to keep our planet habitable. But influential financial leaders BlackRock and Chase are setting us back years in our urgent need to transition to renewable energy. The images we cast onto the New York City skyline are intended to hold these companies accountable for the impact their Bitcoin bets are having on climate and communities. We hope the financial services industry will engage with us to clean up Bitcoin and build a just and green future for all.”
Greenpeace USA invites the public to join the movement and support the organization’s efforts to urge Bitcoin to adopt significantly less-energy intensive practices. The projections serve as a rallying cry, urging BlackRock, JP Morgan Chase, and other financial institutions to take immediate action.
Contact: Gigi Singh, Greenpeace USA Senior Communications Specialist,
Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”