JPMorgan Chase & Co. has announced a number of new emissions reduction goals for its financing of carbon-intensive industries, such as airlines and cement producers, as part of its increased commitment to the environment.
In this year’s climate report published on Thursday, the largest US bank said that it plans to reduce the carbon intensity of its aviation financing portfolio by 36% by 2030 from a 2021 baseline. In the same period, JPMorgan said it aims to cut the carbon intensity of funding to iron ore and steel companies by 31%, and by 29% for cement sector financings.
Speaking in an interview, Heather Zichal, JPMorgan’s global head of sustainability said “This is proof that we are doing the work we need to do, setting a foundation with clients on climate and making progress on the promises we made.”
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The most recent goals are a continuation of the first set of emissions-reduction targets covering the oil and gas, electric power, and auto manufacturing industries which were published last year.
JPMorgan has frequently come under fire from environmental activists for continuing to provide significant financing to the fossil-fuel industry and for being behind the curve.
In this year’s climate report, Jamie Dimon, the chairman and CEO of JPMorgan, stated that disruptions to the world’s energy system brought on by Russia’s unprovoked attack on Ukraine and other economic factors highlight the bank’s urgent, global need to provide energy resources securely, reliably, and affordably while, at the same time, address long-term clean energy solutions and strategies to reduce its carbon footprint.
The majority of global emissions, according to JPMorgan, are produced by the six industries that are included in the bank’s 2021 and 2022 reduction objectives. The new bank goals are meant to be in line with the net zero by 2050 scenario proposed by the International Energy Agency.
Story was adapted from Yahoo Finance.
