In 2017, President Trump said he would withdraw the United States from the Paris agreement and called the decision a „reaffirmation of our sovereignty.“ Other banks have made several commitments to stop supporting drilling and coal companies in the Arctic. British banks NatWest Group PLC (formerly RBS Group PLC) and Barclays PLC have pledged to use their operations to advance the 2015 Paris Agreement, which called on world governments to contain rising temperatures. Citigroup Inc. said earlier this year that it would pull out of customers who do not take climate change seriously. JPMorgan Chase and Co. is committed to using its financial clout to push customers to comply with the Paris Agreement and commit to zero net global emissions by 2050. The Bank said it would invest in technologies that help reduce CO2 emissions and work with its customers to reduce their own carbon footprints. For more information, see the Rainforest Action Network`s press release on JPMorgan Chase`s recent announcement: www.ran.org/jpmc-paris. fortune.com/2020/10/16/jpmorgan-chase-climate-change-carbon-emissions-paris-agreement/ The challenge of overcoming difficulties in obtaining accurate data is the approach we develop, the measurement of carbon intensity of emissions relative to a production unit. In the energy sector, for example, calculating tonnes of carbon dioxide per megawatt-hour produced would allow for the assessment of electricity. „THE JPMorgan Chase announcement is a welcome step forward and a sign that the bank is feeling the heat from all sides, from climate change to investors. It is a bad day for the long-term prospects of the fossil fuel industry as the world`s largest bank moves towards a trajectory that logically means it must reduce its exposure to the sector and eventually leave the sector. „The fact that the world`s largest funder of fossil fuels feels compelled to make a promise like this is evidence of the power of the movement that is pushing financial institutions to clean up their climate change agenda,“ said Ben Cushing, senior Campaign Representative at the Sierra Club.
„Chase`s climate promise is an important step forward, but it is extremely insufficient to address the scale of the climate crisis and Chase`s excessive role in promoting the destruction that is already underway. As long as Chase still pours billions of dollars into dirty energy sources that harm our communities and push the climate to catastrophic turns, a vague promise of action will not be compromised. As part of its commitment, JPMorgan Chase will set interim issuance targets for 2030 for its financing portfolio and report its efforts in 2021. The company will focus on the oil and gas, electricity and automotive sectors and set specific targets. Measured over time, combined with other indicators, carbon intensity will provide insight into efficiency and business strategy and identify producers that improve their performance and those that are not. If the measures improve and evolve, we will apply best practices. In the meantime, we are setting sector interim emission targets for 2030 for these three sectors, which will come into effect sometime in 2021. . „Today`s announcement is significant. The world`s largest lender to the fossil fuel industry has made it clear that the fossil fuel game is coming to an end,“ said Alec Connon, co-coordinator of the Money Pipeline Coalition. „If Chase is serious about his climate commitments, he needs to do so quickly with a policy banning all credit to coal companies and companies that continue to increase fossil fuel production.
The vision for 2050 is good, but we need action 2020. About JPMorgan Chase JPMorgan Chase and Co.