JPMorgan Chase said Thursday it will commit more than $2.5 trillion over the next decade toward long-term solutions that tackle climate action and contribute to sustainable development.
The $2.5 trillion target, which begins this year and runs through the end of 2030, will also finance and facilitate transactions that support socioeconomic progress in developing countries, as well as economic inclusion in developed markets.
“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,” CEO Jamie Dimon said.
“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,” he said.
Dimon also addressed the enormous opportunity created by the energy transition in his 2020 annual letter to shareholders.“There’s huge opportunity in sustainable and low-carbon technologies and businesses,” he said.“While many of these technologies and companies are mature, many more are just getting started—and more will need to be created in the coming decades. In addition, all companies will need capital and advice to help them innovate, evolve and become more efficient while staying competitive in a changing world,” Dimon said in the letter.
While JPMorgan still tops the list, the bank — which is the largest by assets under management in the U.S. — has decreased its lending since the Paris Agreement was signed, according to the report.