JPMorgan Set to Disclose its Initiatives to Counter Climate Change

New York based investment bank JPMorgan Chase & Co (JPM) is set to disclose its initiatives to counter climate change during its investor’s day due 25 Feb, 2020. The bank will also unveil financial restrictions on mining and arctic drilling.

In addition, the bank is expected to also present a $200 billion target aimed at funding sustainable projects. The bank had earlier pledged to facilitate $200 billion of transactions this year towards supporting climate action and advance the United Nations’ sustainable development goals.

These transactions will be a combination of investments, loans, under-writings and advisory services. Additionally they will include $50 billion set aside to fund green initiatives.

Over the years JPMorgan has been battling consistent criticism from activists, groups and environmentalists over its relationships with fossil fuel companies. The banks announced it will cease funding new oil and gas developments in the Arctic. In addition it will increase restrictions on funding coal and coal fired energy.

Rainforest Action Network, an environmental activist group applauded the bank following these new restrictions however, the groups thinks the bank can do more by curbing lending to these oil and gas companies.

“Their coal mining financing represented less than 1% of their overall fossil financing in recent years. We need to see much more from them, particularly in terms of phasing out their fossil financing,” said the group.

The bank has repeatedly declined revealing revenues it generates from lending oil and gas companies which engage in production of fossil fuels.