Written by: Leonard Parker | Solar News | 15th April
JPMorgan Chase, a global financial services firm, says it aims to finance and facilitate more than $2.5 trillion over 10 years – beginning this year through the end of 2030 – to advance long-term solutions that address climate change and contribute to sustainable development. The firm will bring together its capital and expertise to help clients, customers and communities address these vital issues.
This long-term target complements the firm’s Paris-aligned financing strategy and will help accelerate the transition to a low-carbon economy by encouraging actions that set a path for achieving net-zero emissions by 2050. The firm will share an update and additional information on its Paris-aligned strategy with the release of its annual ESG Report this May.
Last year, the firm also established the J.P. Morgan Development Finance Institution (DFI) to grow the development finance activities undertaken by J.P. Morgan and attract additional investment to the emerging markets. The new 10-year effort will further the DFI’s objective to promote economic and social development.
“Climate change and inequality are two of the critical issues of our time,” says Jamie Dimon, chairman and CEO of JPMorgan Chase. “These new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities. Business, government and policy leaders must work together to support long-term solutions that advance economic inclusion, bolster sustainable development and further the transition to a low-carbon economy. We are committed to doing our part.”
The new $2.5 trillion effort will be focused on the following objectives:Green: $1 trillion for green initiatives that support climate action with the goal of accelerating the deployment of solutions for cleaner sources of energy and facilitating the transition to a low-carbon economyDevelopment Finance: The firm will finance and facilitate transactions that support socioeconomic development and quality of life in developing countries. By originating and structuring transactions with anticipated development impact, the firm will mobilize capital to advance the United Nations Sustainable Development Goals (SDGs) in emerging economiesCommunity Development: JPMorgan Chase will advance economic inclusion in developed markets. The firm will focus its efforts on small business financing, home lending and affordable housing, education and healthcare. This includes the firm’s recent $30 billion commitment to advance racial equity
Photo: Jamie Dimon