JPMorgan Chase is planning an expansion into western Massachusetts starting with opening a branch in Springfield which will be followed by the Northampton branch opening on Mar 21, 2023. On that day, climate activists in coalition with a national movement headed by activist group Third Act will meet in Pulaski Park in Northampton before marching to the Main Street Chase Bank location.
JPMorgan Chase has been cited as the top investor in the fossil fuel industry. While they claim to be investing in green energy, they have contributed $60 million annually to the fossil fuel industry for the past three years. These investments allow fossil fuel companies to continue production which leads to degraded air quality. In 2022, a study estimated that cutting air pollution from fossil fuels would save 50,000 lives a year in the U.S.
Supporting a carbon tax could serve to cut this pollution. To enforce the tax, preexisting IRS and Treasury Department procedures could be implemented, thus avoiding the creation of new bureaucracies and minimizing the risk of abuse and corruption. Fees would be placed directly on the refineries and mines as close to the source as possible. Because of this trickle-down system, the majority of the burden of the carbon tax would be felt by the fossil fuel industry, then corporate investors like JPMorgan Chase, and then consumers. The carbon fee would affect all: industry, businesses, governments, utilities, and consumers. Many industries would have to absorb some of the costs to avoid losing investors.
To offset the consumer cost and rest the majority of the financial burden of the carbon fee on the fossil fuel industry, dividends would be provided to the consumer. All individuals would get full shares and children would get half shares. Under this system, it is projected that 70% of households would break even or come ahead.
We must urge Congressman Jim McGovern to support and endorse the implementation of a carbon tax. Citizen Climate Lobby supports a fee starting at $15/ton of CO2 and rising $10/year, or $15/year if emission targets aren’t being met. The fee continues until the goal of 90% emissions reduction is achieved. Under the rising costs, fossil fuel industries and consumers will be forced to reduce energy consumption and turn to alternative, sustainable energy methods. This will significantly reduce carbon emissions, improve air quality, and help the United States uphold the promises it made in the Paris Agreement.
Leah Veress
Northampton