Finance - April 19, 2021
JPMorgan Chase Aims $2.5 Trillion Toward Sustainability Development
JPMorgan Chase announced on April 15 plans to finance and facilitate more than $2.5 trillion over the next 10 years to address climate change and sustainable development.
According to a company statement, “These plans complement the company’s Paris-aligned financing strategy and will help accelerate the transition to a low-carbon economy by encouraging actions that set a path for achieving net-zero emissions by 2050.” The firm intends to bring together its capital and expertise to help clients, customers, and communities address these issues.
This new 10-year effort is a continuation of the J.P. Morgan Development Finance Institution (DFI), established last year to grow the company’s development finance activities and attract additional investment to the emerging markets. The new plan is expected to focus on promoting economic and social development.
“Climate change and inequality are two of the critical issues of our time, and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “Business, government, and policy leaders must work together to support long-term solutions that advance economic inclusion, bolster sustainable development and further the transition to a low-carbon economy. We are committed to doing our part."
Among the areas of focus for the new $2.5 trillion effort are:
- $1 trillion of green initiatives that support climate action, with a goal of accelerating the deployment of solutions for cleaner sources of energy and facilitating the transition to a low-carbon economy.
- The firm will finance and facilitate transactions that support socio-economic development and quality of life in developing countries.
- The firm will focus its efforts on small business financing, home lending and affordable housing, education, and healthcare. This includes the firm’s recent $30 billion commitment to advance racial equity.