JPMorgan Chase has pledged to adopt a financing commitment aligned with the goals of the Paris climate change agreement.
The US banking giant said it intends to help its clients navigate the challenges of decarbonisation and capitalise on the long term economic and environmental benefits of a low carbon world through its new Centre for Carbon Transition (CCT), which will provide them with centralised access to sustainability-focused financing, research and advisory solutions.
As part of its commitment, JPMorgan Chase will establish emissions targets for 2030 for its financing portfolio and begin communicating about its efforts in 2021.
It plans to focus on the oil and gas, electric power and automotive manufacturing sectors and set goals on a sector-by-sector basis.
Over time, JPMorgan Chase will aim to support companies to advance the goals of the Paris climate agreement, including reducing emissions and expanding investment in low and zero carbon sources and technologies.
In addition, it will continue to advocate for market-based policy solutions, including a price on carbon and the commercialisation of new technologies that can help advance decarbonisation.
Daniel Pinto, Co-President of JPMorgan Chase and CEO of its Corporate & Investment Bank said: “Climate change is a critical issue of our time. The goals set in the Paris Agreement are commendable and ambitious but the world is not on track to meet them.
“While the world has a long way to go, we at JPMorgan Chase want to do more. That means working with clients, policymakers and advocates to transition our economy and turn the goals of Paris into a reality.”