Epigraph:

The sun and the moon run their courses according to a fixed reckoning.
And the stemless plants and the trees humbly submit to His will.
And the heaven He has raised high and set up a measure,
That you may not transgress the measure.
So weigh all things in justice and fall not short of the measure. (Al Quran 55:6-10)

Source: CNBC

By Pippa Stevens

KEY POINTS

• JPMorgan is committing $2.5 trillion over the next 10 years toward climate action and sustainable development.
• $1 trillion from the initiative is earmarked for green projects, including renewable energy and clean technologies.
• “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,” CEO Jamie Dimon said.

JPMorgan Chase said Thursday it will commit more than $2.5 trillion over the next decade toward long-term solutions that tackle climate action and contribute to sustainable development.

Within the initiative, $1 trillion is earmarked for green projects, including renewable energy and clean technologies that are focused on speeding the transition to a low-carbon economy.

The $2.5 trillion target, which begins this year and runs through the end of 2030, will also finance and facilitate transactions that support socioeconomic progress in developing countries, as well as economic inclusion in developed markets.

The latter effort will focus on small business financing, home lending and affordable housing, education and health care. Included within this category is the $30 billion JPMorgan committed last October to closing the racial wealth gap in the U.S.

“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,” CEO Jamie Dimon said.

“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,” he said.

Thursday’s announcement comes after JPMorgan said last fall it will establish emission targets for its financing portfolio. The firm said targets would be set on a sector-by-sector basis, and will first focus on the oil and gas, electric power, and automotive manufacturing sectors.

The targets, which the firm said it would begin setting in 2021, will be within the parameters outlined by the Paris Agreement.

Read further