JPMorgan Chase is the latest major financial entity to leave the Net-Zero Banking Alliance.
“We will continue to work independently to advance the interests of our firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security,” JPMorgan said in a statement. “We will also continue to support the banking and investment needs of our clients who are engaged in the energy transition and in decarbonizing different sectors of the economy.”
Despite withdrawing from the alliance, the company states on its website that it is “focused on doing our part to support the transition by helping our clients achieve their net zero objectives,” adding, “We continue our efforts to align key sectors of our financing portfolio with net zero emissions outcomes.”
The company aims to “finance and facilitate more than $2.5 trillion over 10 years — from 2021 through the end of 2030 — to help advance long-term climate solutions and contribute to sustainable development” and is “targeting $1 trillion toward our Green objective by the end of 2030 as part of our Sustainable Development target.”
JPMorgan’s departure from the net-zero alliance follows investment bank Morgan Stanley leaving the group.
“Morgan Stanley has decided to withdraw from the Net-Zero Banking Alliance. Morgan Stanley’s commitment to net-zero remains unchanged. We aim to contribute to real-economy decarbonization by providing our clients with the advice and capital required to transform business models and reduce carbon intensity,” a spokesperson for the bank said in a statement obtained by The Hill. “We will continue to report on our progress as we work towards our 2030 interim financed emissions targets.”
Other companies, including Citigroup, Bank of America, Wells Fargo, and Goldman Sachs have also withdrawn from the climate-centred alliance.
