JPMorgan Chase & Co said Friday it was joining the United Nation's Net-Zero Banking Alliance, a group of global banks that have committed to dramatically reducing their carbon financing and investment activities.
"We are joining the Net Zero Banking Alliance because we support the ambition for greater climate action, the sharing of best practices and a collaborative approach between the public and private sectors to reach this goal," Marisa Buchanan, JPMorgan's global head of sustainability, said in a statement.
Member banks are required to submit science-based climate plans that cover all types of emissions, include 2030 interim targets and commit to transparent reporting and accounting. Banks have 18 months to set the 2030 interim targets."Without a plan to stop funding the expansion of fossil fuels, commitments like this are completely inadequate," said Ben Cushing, fossil-free finance campaign manager at the Sierra Club.
In May, JPMorgan set out mid-term, carbon reduction goals for clients, including asking oil and gas clients reduce the intensity of direct and indirect emissions. L1N2MZ2S4More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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