JPMorgan Chase has pledged to finance and facilitate more than $2.5 trillion (£1.8tn) over 10 years to advance long term solutions that address climate change and contribute to sustainable development.
The target complements the company’s Paris-aligned financing strategy and supports the transition to a low carbon economy by encouraging actions that set a path for achieving net zero emissions by 2050.
Around $1 trillion (£0.7tn) will finance green initiatives that support climate action, with the goal of accelerating the deployment of solutions for cleaner sources of energy.
In addition, JPMorgan aims to support socioeconomic development and quality of life in developing countries and focus its efforts on small business financing, home lending and affordable housing, education and healthcare, including the company’s recent $30 billion (£22bn) commitment to advance racial equity.
Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “Climate change and inequality are two of the critical issues of our time and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities.
“Business, government and policy leaders must work together to support long term solutions that advance economic inclusion, bolster sustainable development and further the transition to a low carbon economy. We are committed to doing our part.”