Top fossil fuel lender JPMorgan joins UN climate action finance plan By Reuters

© Reuters. FILE PHOTO: A view of the outside of the JPMorgan Chase & Co company headquarters in New York Metropolis Might 20, 2015. REUTERS/Mike Segar/File Picture

By Elizabeth Dilts Marshall

NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) stated Friday it was becoming a member of the United Nation’s Internet-Zero Banking Alliance, a gaggle of worldwide banks which have dedicated to dramatically lowering 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.

A JPMorgan government stated it was time to hitch rivals Financial institution of America (NYSE:), Citigroup (NYSE:), Morgan Stanley (NYSE:) and others in aligning its local weather plan with the UN’s Race to Zero marketing campaign.

“We’re becoming a member of the Internet Zero Banking Alliance as a result of we assist the ambition for larger local weather motion, the sharing of greatest practices and a collaborative strategy between the private and non-private sectors to succeed in this objective,” Marisa Buchanan, JPMorgan’s world head of sustainability, stated in a press release.

Member banks are required to submit science-based local weather plans that cowl all sorts 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.

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

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