JPMorgan Chase to Stop Financing Arctic Oil and Gas
U.S. investment banking company JPMorgan Chase has announced it is expanding restrictions on financing for coal mining and coal-fired power and prohibiting project financing for new oil and gas development in the Arctic.
In 2017, JPMorgan Chase made two sustainability commitments: facilitate $200 billion in clean financing by 2025 and source renewable energy for 100 percent of its global power needs by 2020. Both of these goals are expected to be reached by the end of 2020.
As a result, JPMorgan Chase is now taking additional steps to address climate change and further promote sustainable development by committing to facilitate $200 billion to advance the objectives of the United Nations Sustainable Development Goals (SDGs). The new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist. These efforts will be focused on supporting climate action, clean water and waste management, increasing access to housing, education and healthcare and advancing infrastructure, innovation and growth.