“JP Morgan’s Paris based lending commitment is a signal of change and a stride forward for the bank.
“By embracing net zero as the new business imperative, the firm can help companies across carbon intensive industries de-carbonize our economy. It’s another example of the private sector’s resolve to act on climate, adding to more than 1,500 leading companies that have made net zero commitments.
“The bank’s move signals that Wall Street is waking up to the financial risks and opportunities of climate change– in part due to growing pressure from investors, employees and advocates. As the world’s largest financier of the fossil fuel industry commits to align financing to the Paris Agreement goals, the road is clear for other banks and asset managers to raise their climate ambition.
“The strength of any climate pledge depends on putting a timely and transparent plan in place to achieve it. The world needs action now. JP Morgan should establish sector specific expectations – including ambitious near term targets that are Paris-aligned – and make access to capital contingent on corporate climate performance.
“Financial firms like JP Morgan must use their leverage to support public policies that accelerate innovation and manage systemic climate risk. Companies that block climate policy directly or through trade associations do not belong in a climate friendly loan book.”– Ben Ratner, Senior Director, Environmental Defense Fund
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Environmental Defense Fund (edf.org), a leading international nonprofit organization, creates transformational solutions to the most serious environmental problems. EDF links science, economics, law and innovative private-sector partnerships. Connect with us on our EDF+Business blog, EDF Voices, Twitter and Facebook.