Major fossil fuel lender JPMorgan joins UN climate finance agreement

JPMorgan Chase & Co announced on Friday that it is joining the United Nations Net-Zero Banking Alliance, a group of global banks that have pledged to significantly reduce their carbon finance and investment activities.

JPMorgan has followed rivals Bank of America, Citigroup, Morgan Stanley and others to align its climate plan with the UN’s Race to Zero campaign.

As the largest U.S. bank and the fossil fuel industry’s major lender, JPMorgan (NYSE 🙂 has come under fire for not joining the group, which launched in April, earlier. The announcement comes ahead of next month’s United Nations Climate Change Conference, known as COP 26, in Glasgow.

“We join the Net Zero Banking Alliance because we support the ambition of greater climate action, the sharing of best practices and a collaborative approach between the public and private sectors to achieve this goal,” said Marisa Buchanan, manager JPMorgan Sustainability Global. in a report.

Critics say the group’s goals are too weak and flexible.

Member banks are required to submit science-based climate plans that cover all types of emissions, include interim targets for 2030, and commit to transparent reporting and accounting. Banks have 18 months to set interim targets for 2030.

“Without a plan to stop funding the expansion of fossil fuels, commitments like this are totally inadequate,” said Ben Cushing, head of the fossil-free fundraising campaign at the Sierra Club.

In May, JPMorgan set medium-term carbon reduction targets for its customers, including asking oil and gas customers to reduce the intensity of direct and indirect emissions.

Summary of the news:

  • Major fossil fuel lender JPMorgan joins UN climate finance agreement
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