Newly launched activist retail investment platform Tulipshare has filed a shareholder proposal at JP Morgan Chase, calling on the world’s largest fossil fuel financier to end its support for the sector.
The London-based startup announced in December that it had raised close to $11m in seed funding from venture capital investors, allowing it to kick-start its campaigns against some of the biggest US firms, including Apple, Amazon, JPMorgan and Coca-Cola.
In its shareholder proposal, the activist investor calls on JP Morgan Chase to “end its investment, underwriting, and lending activities in fossil fuels”.
The International Energy Agency (IEA), the influential intergovernmental energy policy body, said last year that investment in new fossil fuel projects will need to stop immediately if the world is to limit global warming to 1.5 °C.
JP Morgan was again ranked as the world’s largest fossil fuel financier in the 2021 Banking on Climate…