The Wall Street bank JPMorgan Asset Management has joined the climate campaign, Climate Action 100+, a group that includes AllianceBernstein, Legal & General Investment Management and UBS Asset Management.
This year, JPMorgan Chase commits to facilitate $200 billion to advance the objectives of the United Nations Sustainable Development Goals (SDGs), including $50 billion toward green initiatives that also fulfill the 2017 clean financing target. This 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.
The bank, which manages $2 trillion of assets, will be stepping back from advising companies who extract coal, “not providing lending, capital markets or advisory services to companies deriving the majority of their revenues from the extraction of coal, and by 2024, phasing out remaining credit exposure to such companies.”
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