JPMorgan officials plan to declare new climate-change actions Tuesday, along with limitations on financing coal mining and the Arctic drilling, in addition to a $200 billion target to provide financing for sustainable projects.
JPMorgan stated Monday that it could detail the initiatives at the bank’s investor day. The lender has faced years of criticism from environmentalists for its ties with fossil-fuel corporations, investigation it has sought to avoid at events that are open to the general public.
The bank’s modifying approach at its 13th annual investor day, which is invitation-solely, comes as different massive U.S. banks have declared similar initiatives.
JPMorgan mentioned it’ll promote $200 billion of transactions in 2020 that “support climate action” and advance the UN’s sustainable growth goals.
Those transactions are anticipated to be a mix of loans, underwriting, advisory services, and investments. They can include $50 billion of financing for green actions, which was allocated to count toward a 2017 target.
The bank stated it’ll also cease providing financing for new oil and gas developments in the Arctic, and can expand constraints on its financing of coal mining and coal-fired energy.
Environmental group Rainforest Action Network stated it greeted the bank’s new curbs on providing financing to coal firms; however, it stated the bank might further restrict lending.
The bank refused to comment on the figures of previous revenues gained from such lending.