JPMorgan Chase has said it is aiming more than $2.5 trillion over 10 years to address climate change and contribute to sustainable development.
JPMorgan Chase says 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 economy.
Since 2016, the firm has facilitated and financed nearly $210 billion towards green initiatives.
To help clients navigate the challenges and the long-term benefits of this transition, the firm will continue to provide clients in the Corporate & Investment Bank and Commercial Banking with centralized access to sustainability-focused financing, research and advisory solutions through its Center for Carbon Transition. As part of its efforts, JPMorgan Chase Commercial Banking also recently launched a Green Economy specialized industry team. The team will initially focus on four sectors: Renewable Energy, Efficiency Technology, Sustainable Finance, and Agriculture and Food Technology.
Development 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 economies.
Community 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.
“Climate change and inequality are two of the critical issues of our time, and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “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.”