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JPMorgan Pledges to Cut Carbon Emissions in Lending Portfolios

PGE SA Coal Plant With Poland Planning Clean Energy Investment
Photographer: Bartek Sadowski/Bloomberg

JPMorgan Chase & Co., the biggest funder of fossil-fuel companies globally, is pledging a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of this decade.

The commitment is among steps announced Thursday by the largest U.S. bank, which agreed last year to align its financing activities with the United Nations’ Paris climate agreement. The firm said that it aims to cut carbon intensity by 41% for new-vehicle manufacturing and tailpipe emissions, and 69% in its electric-power portfolio. Carbon intensity is a measure of carbon in emissions generated by industrial activity.