JPMorgan Chase Releases Carbon Reduction Targets for Paris-Aligned Financing Commitment
JPMorgan Chase today released comprehensive steps it is taking in its efforts to align its financing activities with the climate goals of the Paris Agreement. As part of its Paris-aligned financing commitment announced last fall, the firm has published 2030 carbon intensity targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors. JPMorgan Chase also released its new Carbon CompassSM methodology that describes how the firm set its targets and how it will monitor progress over time.
“There must be collective ambition and cooperation by business and government to tackle climate change,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “Setting our Paris-aligned targets is an important step toward accelerating the transition to a low-carbon economy and meeting the goals of the Paris Agreement. JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral.”
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A Commitment to Paris
JPMorgan Chase first announced its Paris-aligned financing commitment in October 2020, aiming to work with clients to drive near-term actions that help set a path for achieving net-zero emissions by 2050. As part of this effort, JPMorgan Chase also created the Center for Carbon Transition to engage with clients on sustainability-focused financing, research and advisory solutions.
More recently, the firm’s Commercial Banking business launched a Green Economy specialized industry team to support the development and growth of companies in Renewable Energy, Efficiency Technology, Sustainable Finance, and Agriculture and Food Technology. To help our clients access capital needed for innovation, JPMorgan Chase announced in April 2021 a target to finance and facilitate more than $2.5 trillion over 10 years - including $1 trillion for green activities - to advance long-term solutions that address climate change and contribute to sustainable development.
Carbon CompassSM Methodology and Targets
JPMorgan Chase has built Carbon CompassSM, a methodology that guides its approach for Paris-aligned target setting, measuring clients’ carbon intensity, evaluating ongoing progress and integrating carbon performance considerations into business decision-making. The targets are based on credible third-party energy and emissions scenarios, including the International Energy Agency’s Sustainable Development Scenario.