High fossil gas lender JPMorgan joins UN local weather motion finance plan

A view of the outside of the JPMorgan Chase & Co company headquarters in New York Metropolis Might 20, 2015. REUTERS/Mike Segar/File Photograph

NEW YORK, Oct 8 (Reuters) – JPMorgan Chase & Co (JPM.N) mentioned Friday it was becoming a member of the United Nation’s Web-Zero Banking Alliance, a gaggle of world banks which have dedicated to dramatically decreasing their carbon financing and funding actions.

As the most important U.S. financial institution and a significant lender to the fossil gas business, JPMorgan has been criticized for not becoming a member of the group, which launched in April, sooner. The announcement comes forward of subsequent month’s UN Local weather Change Convention, often called COP 26, in Glasgow.

JPMorgan adopted rivals Financial institution of America (BAC.N), Citigroup (C.N), Morgan Stanley (MS.N) and others in aligning its local weather plan with the UN’s Race to Zero marketing campaign.

“We’re becoming a member of the Web Zero Banking Alliance as a result of we help the ambition for higher local weather motion, the sharing of greatest practices and a collaborative strategy between the private and non-private sectors to achieve this objective,” Marisa Buchanan, JPMorgan’s international head of sustainability, mentioned in a press release.

Member banks are required to submit science-based local weather plans that cowl all varieties of emissions, embody 2030 interim targets and decide to clear reporting and accounting. Banks have 18 months to set the 2030 interim targets.

Critics say the group’s targets are too weak and versatile.

“With out a plan to cease funding the growth of fossil fuels, commitments like this are fully insufficient,” mentioned Ben Cushing, fossil-free finance marketing campaign supervisor on the Sierra Membership.

In Might, JPMorgan set out mid-term, carbon discount targets for purchasers, together with asking oil and gasoline purchasers cut back the depth of direct and oblique emissions. L1N2MZ2S4

Reporting by Elizabeth Dilts Marshall; Enhancing by Cynthia Osterman

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