JPMorgan’s 2030 climate targets for oil and gas, electric power and transportation begin a critical new chapter focused on turning Wall Street’s net zero climate pledges into action plans. There’s a spotlight on large lenders to implement net zero financing commitments with clear roadmaps including interim targets, the touchstone for credibly progressing toward a clean energy future.
For the oil and gas sector, JPMorgan emphasizes the critical importance of companies taking “aggressive steps” to reduce methane emissions and flaring. The bank sets a strong mark by expecting 75% methane and 90% flaring emission reductions to achieve its 2030 operational target and highlighting the vital need for improved methane measurement in industry. Meeting stakeholder expectations requires industry to slash methane emissions and flaring as a first step and to verify its progress by disclosing high quality emissions data.
Successful execution of JPMorgan’s targets will require the bank to provide regular, transparent progress updates, and to back its goals with incentives to ensure all companies step up. Supporting the climate public policies and shareholder votes that advance net zero are also essential for banks like JPMorgan to walk the walk in addressing climate risk.
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