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Top fossil fuel lender JPMorgan joins UN climate action finance plan

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NEW YORK, Oct 8 (Reuters) – JPMorgan Chase & Co (JPM.N) mentioned Friday it was becoming a member of the United Nation’s Net-Zero Banking Alliance, a bunch of world banks which have dedicated to dramatically lowering their carbon financing and funding actions.

As the most important U.S. financial institution and a significant lender to the fossil fuel trade, JPMorgan has been criticized for not becoming a member of the group, which launched in April, sooner. The announcement comes forward of subsequent month’s UN Climate Change Conference, often known as COP 26, in Glasgow.

A JPMorgan government mentioned it was time to affix rivals Bank of America (BAC.N), Citigroup (C.N), Morgan Stanley (MS.N) and others in aligning its climate plan with the UN’s Race to Zero marketing campaign.

“We are joining the Net Zero Banking Alliance because we support the ambition for greater climate action, the sharing of best practices and a collaborative approach between the public and private sectors to reach this goal,” Marisa Buchanan, JPMorgan’s world head of sustainability, mentioned in an announcement.

Member banks are required to submit science-based climate plans that cowl all kinds of emissions, embrace 2030 interim targets and decide to clear reporting and accounting. Banks have 18 months to set the 2030 interim targets.

Critics say the group’s targets are too weak and versatile.

In May, JPMorgan set out mid-term, carbon discount objectives for shoppers, together with asking oil and fuel shoppers cut back the depth of direct and oblique emissions. L1N2MZ2S4

Reporting by Elizabeth Dilts Marshall; Editing by Cynthia Osterman

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