JPMorgan sets climate targets to cut emissions from sectors

JPMorgan Chase said on Thursday it had set out targets to cut emissions tied to its finance and deal-making in the iron and steel, cement and aviation sectors, as those linked to oil and gas usage rose.

As the largest US bank and major funder to the fossil fuel industry, JPMorgan’s climate efforts are keenly watched by investors and campaigners as the world shifts to a low-carbon economy.

After releasing targets for oil and gas, electric power and autos in 2021, the new sector targets mean the bank has now set plans to reduce emissions from all of the sectors most responsible for climate-damaging carbon emissions.

For iron and steel, the bank said it aims to cut emissions per tonne of crude steel produced by 31 per cent by 2030.

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For cement, it is targeting a 29 per cent cut, and for aviation a cut of 36 per cent.

The bank said all the targets were in line with the International Energy Agency’s net zero emissions scenario.

Updating on progress in the oil and gas sector, the bank said emissions tied to the operational performance of its clients was unchanged, while those linked to the use of oil and gas had risen by 1 per cent as of June 30th, 2022.

In a year marked by conflict in Ukraine and higher energy prices, chief executive Jamie Dimon reiterated the need for energy security and the bank’s support to the industry.

“Constraining the flow of capital needed to produce and move fuels, especially as the war in Ukraine rages on, is a bad idea. The world still needs oil and natural gas today.” – PA