Top fossil fuel lender JPMorgan joins UN climate action finance plan

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NEW YORK, Oct 8 (Businesshala) – JPMorgan Chase & Co. (JPM.N) said on Friday it is joining the United Nations’ Net-Zero Banking Alliance, a group of global banks that work to improve its carbon financing and investment activities. Committed to dramatically reduce

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As the largest US bank and a major lender to the fossil fuel industry, JPMorgan has been criticized for not joining the group, which launched too soon in April. The announcement comes ahead of the United Nations Climate Change Conference, known as COP 26, in Glasgow next month.

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With rivals Bank of America (BAC.N), Citigroup (CN), Morgan Stanley (MS.N) and others in aligning its climate plan with the United Nations’ Race to Zero campaign, a JPMorgan executive said. It’s time to join.

Marissa Buchanan, JP Morgan’s global head of sustainability, said, “We are joining the Net Zero Banking Alliance as we seek more climate action, sharing best practices and a collaborative approach between the public and private sectors to reach this goal. support the ambition.” in a statement.

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Member banks are required to submit science-based climate plans that cover all types of emissions, including the 2030 Interim Goal and commit to transparent reporting and accounting. Banks have 18 months to set the 2030 interim target.

Critics say the group’s goals are too weak and flexible.

In May, JPMorgan set mid-term, carbon reduction targets for customers, which include reducing the intensity of direct and indirect emissions from oil and gas customers. L1N2MZ2S4

Reporting by Elizabeth Dilts Marshall; Editing by Cynthia Osterman

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