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JPMorgan Chase (NYSE:JPM) has set net-zero emissions by 2050 for three more sectors in its financing portfolio — aviation, iron & steel, and cement — adding to the targets it set last year for oil & gas, electric power, and auto manufacturing.
The U.S.’s largest bank selected aviation, iron & steel, and cement for the sectors’ contribution to total global emissions, their importance to the wider economy, “and our aim to help them overcome their significant challenges they face to decarbonize,” its said in its 2022 climate report.
“The aggregate of these six sectors account for the majority of global emissions across the supply and demand side value chains of the global energy system,” JPMorgan (JPM) said.
The Wall Street bank has set medium-term targets for 2030 to reduce greenhouse gas emissions from its iron & steel investments by 31% vs. a baseline of 2020, for its cement sector investments by 29% vs. 2020 baseline, and for aviation by 36% from a 2021 baseline.
As for progress made against the targets set last year, the company said its oil & gas investments’ operational 2030 target for -35% remains flat against its revised 2019 baseline. “We expect the portfolio will benefit from the maturity of our CAF (Carbon Assessment Framework) process and continued assessments of new in-scope transactions over time,” it said.
In electric power, GHG emissions from its portfolio has declined 22% from its 2019 baseline vs. its 2030 target of -69%. GHG emissions from its auto manufacturing portfolio has dropped 10% from 2019, compared with its 2030 target of -41%.
Unchanged from 2021 is the company’s 10-year goal to finance and facilitate $2.5T to advance sustainable development, including $1T for climate action and other green initiatives. Some $106B green activities were financed in 2021, Chairman and CEO Jamie Dimon said in his introduction in the report.
Earlier this month, HSBC (HSBC) said it will stop funding new oil and gas field as it seeks to reduce carbon emissions.
Source: news.google.com
