JPMorgan to Increase Restrictions on Coal Funding
February 25 2020 - 12:22PM
Dow Jones News
By Maitane Sardon
JPMorgan Chase & Co said Tuesday that it is reducing its
funding of coal and Arctic oil-and-gas projects, as it works toward
aligning itself with the Paris Agreement on climate change.
The move comes as other European banks and major US bank Goldman
Sachs have announced similar limits to the funding of coal, the
most polluting of all fossil fuels.
The bank--which has previously come under fire for its
fossil-fuel funding--unveiled a series of sustainable initiatives
including a plan to stop providing loans, capital markets or
advisory services to companies which derive the majority of their
revenue from the extraction of coal. It said it will also stop
backing new oil-and-gas projects in the Arctic.
"This announcement is a long awaited signal that JPMorgan Chase
may be ending its outsized level of fossil-fuel financing in the
face of growing climate concern; this first step is significant,"
said Danielle Fugere, president of As You Sow, a non-profit that
has filed a resolution requesting the company reduce its lending to
carbon-intensive activities.
The bank also said it is joining Climate Action 100+, the
world's largest group of investors by assets, which is pressuring
companies to act on climate change. Blackrock Inc., the world's
largest asset manager with around $7 trillion under management,
joined the group of investors in January.
Furthermore, JPMorgan said it will establish an ESG group that
will help its clients reduce their emissions and respond to the
increasing demand for sustainable and impact investing.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
February 25, 2020 12:07 ET (17:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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