NEC Member JPMorgan Chase & Co recently announced that it would substantially scale back its support for fossil fuels and focus more on sustainable investments and financing to support climate goals.
In late February 2020, the financial services firm announced that it is planning to cease directly financing new oil and gas projects in the Arctic and will drastically cut its financing of the coal industry. Specifically, the company will not directly finance any new or existing coal plants unless they implement carbon capture technology to reduce emissions. The announcement follows a recent movement among other financial institutions to invest in sustainable industries and move away from fossil fuels. In addition, the bank will also offer $200 billion in financing for clean energy and sustainable technologies.
“This new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist,” JP Morgan said in the announcement. “The firm aims to increase its sustainable development financing commitment each year.”