JPMorgan Chase joins UN’s Net-Zero Banking Alliance

  • JPMorgan Chase signed a pledge to join the United Nations’ Net-Zero Banking Alliance climate initiative, the bank announced Fiday [October 12], according to Reuters and Bloomberg.
  • The Net-Zero Banking Alliance is composed of 61 banks across the globe that have committed to realigning their lending and investment portfolios to reduce attributable greenhouse-gas emissions, including a promise to reach net-zero carbon dioxide emissions by 2050…

The program launched in April with 43 member banks and has grown to encompass 61 institutions across 30 countries, counting $39 trillion in assets. Together, the signatories account for one-quarter of all global banking assets.

JPMorgan is the top arranger of bonds for fossil-fuel companies, but also is the foremost underwriter of green bonds, according to Bloomberg

Member banks must publish science-based plans to reduce several types of greenhouse-gas emissions, and establish 2030 targets. Signatories have committed to transparency, and must share data with the U.N. annually to monitor adherence to U.N. Race to Zero criteria.  Read the article.