JPMorgan Chase signed a promise to align its loaning and financial investment portfolios with net-zero emissions by 2050, signing up with more than 40 competing monetary companies in the Net-Zero Banking Alliance.
Companies consisting of Morgan Stanley, Citigroup and UBS Group entered into the alliance when it began in April. The group represents the banking aspect of the Glasgow Financial Alliance for Net Zero, led by previous Bank of England Gov. Mark Carney.
“Climate change is a critical issue of our time, and we are committed to doing our part to address it,” Marisa Buchanan, JPMorgan’s international head of sustainability, stated in a declaration Friday.
The banking market has actually been slammed for adding to the environment crisis by supplying funding to the oil and gas sector. JPMorgan is the No. 1 arranger of bonds for fossil-fuel business this year and likewise ranks as the prominent underwriter of green bonds, according to information put together by Bloomberg.
JPMorgan, led by Chief Executive Jamie Dimon, stated in May that it prepared to report a 35% decrease in “operational carbon intensity” for its oil and gas portfolio by the end of the years. The dedication followed the business’s statement in 2015 that it was aligning its funding activities with the United Nations’ Paris environment contract.
“We are joining the Net-Zero Banking Alliance because we support the ambition for greater climate action, the sharing of best practices and a collaborative approach between the public and private sectors to reach this goal,” Buchanan stated in Friday’s declaration. “Thoughtful policy, technology and behavioral advancements are all prerequisites in realizing our common goals around net-zero emissions by 2050.”