JPMorgan Chase Adopts Financing Commitment Aligned with the Paris Agreement

Business News/Analysis, Funding/Financing/Investing, Sustainability

October 8, 2020

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by Emily Holbrook (Environment & Energy Leader) JPMorgan Chase has announced it is adopting a financing commitment that is aligned to the goals of the Paris Agreement. As part of its strategy, the firm intends to help clients navigate the challenges and capitalize on the long-term economic and environmental benefits of transitioning to a low-carbon world.

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As part of its commitment, JPMorgan Chase will establish intermediate emission targets for 2030 for its financing portfolio and begin communicating about its efforts in 2021. The firm will focus on the oil and gas, electric power, and automotive manufacturing sectors and set targets on a sector-by-sector basis.

Over time, JPMorgan Chase will aim to support companies to advance the goals of Paris, including reducing GHG emissions and expanding investment in low- and zero-carbon energy sources and technologies. The firm recognizes that significant changes in policy and the creation of new technologies will ultimately be required to reach net-zero emissions by 2050, particularly in those industrialized sectors that today lack alternatives. To that end, JPMorgan Chase will continue to advocate for market-based policy solutions, including a price on carbon, and the commercialization of new technologies that can help advance deep decarbonization.

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The company is launching the Center for Carbon Transition (“CCT”) to provide clients in the Corporate & Investment Bank and Commercial Banking with centralized access to sustainability-focused financing, research and advisory solutions. The CCT will also engage clients on their long-term business strategies and related carbon disclosures.

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To help advance the transition to a low-carbon economy and track progress towards Paris, the company will aim to evaluate its clients’ carbon intensity, which tracks emissions relative to unit of output. When measured over time, carbon intensity provides insight into changes in efficiency and performance. The firm is also exploring ways to most effectively address all emissions, including Scope 3 emissions, which are relevant for sectors where the majority of GHGs are generated at other points in the supply chain. READ MORE

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