For Immediate Release
Stefanie Spear, firstname.lastname@example.org, 216-387-1609
JPMorgan Chase Announces Climate Commitment, Investor Questions Remain
WASHINGTON - JPMorgan Chase Tuesday announced it is adopting “a financing commitment that is aligned to the goals of the Paris Agreement.” In its online statement and supplemental FAQ, the bank states achieving net-zero emissions by 2050 is an important goal and that the company intends to help its clients move toward sustainable transition pathways. This commitment differs from that made last month by Morgan Stanley in that it does not clarify that JPMorgan will reduce its own financed emissions to net zero nor does it commit to measuring and disclosing its financed emissions through the same global platform as other banks have adopted known as the Partnership for Carbon Accounting Financials (PCAF).
Earlier this year, nearly 50% of JPMorgan’s investors voted in favor of a shareholder resolution filed by As You Sow asking the bank to measure, disclose, and reduce emissions aligned with Paris goals. As You Sow withdrew similar proposals with Morgan Stanley, Bank of America, Wells Fargo, and Goldman Sachs for commitments from these banks to assess methodologies for measuring financed emissions toward Paris alignment. Over the summer, Bank of America and Citigroup joined Morgan Stanley in committing to measure and disclose emissions associated with their financing activities through PCAF. Morgan Stanley went a step further and committed to reduce its financed emissions to net zero.
Danielle Fugere, President of As You Sow, made the following statement:
“We are happy to see JPMorgan respond to investors’ resounding vote for climate action. While this announcement is an important step in the right direction, its focus on client’s actions rather than its own financing decisions, is a concern. For years, JPMorgan has been the top financier of fossil fuels. Climate progress will be made only by committing to dramatically reduce financing to these high carbon companies and projects. Relying on clients to make change, without turning off the funding spigots, is not a recipe for success. We look forward to more clarity and strong interim financing reduction commitments from JPMorgan.”
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Lila Holzman, Energy Program Manager of As You Sow, made the following statement:
“JPMorgan’s announcement serves as yet another signal that the financial sector is finally waking up to the threat of climate change. By holding back on details as to how the company will measure its own climate contributions and passing on the opportunity to join the PCAF global standard, JPMorgan is doing a disservice to investors trying to assess JPMorgan’s ability to reduce material climate risk.”
For more information on As You Sow’s work on climate change, click here.
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