JPMorgan Chase Promises to Shift Portfolio Away from Fossil Fuels
JPMorgan Chase to cut exposure to companies that do not align operations with Paris climate accord.
Billy Nauman, Financial Times
As part of the push, JPMorgan Chase has launched a new advisory unit that will look to finance clean energy projects. (Source: Bumble Dee / Shutterstock.com)
JPMorgan Chase says it is shifting its financing portfolio away from fossil fuels after facing years of pressure from shareholders and environmental activists.
The U.S. bank on Oct. 6 called for its clients in the oil and gas, electric power and automotive sectors to reduce emissions by 2030 and vowed to cut its exposure to companies that do not align their operations with the Paris climate accord.
The announcement followed longstanding criticism from activists who have targeted JPMorgan. This year the bank said it would replace Lee Raymond, the former CEO of Exxon Mobil Corp., as lead independent director, in a move heralded as a win by sustainable investment advocates.