JPMorgan announced a series of actions and initiatives planned or undertaken in support of sustainability objectives that include addressing climate change and promoting sustainable development.
Actions/initiatives include:
- It joined the Climate Leadership Council and is working with Business Roundtable (which JPMorgan's CEO/Chair formerly chaired) and other trade organizations on market-based policy solutions to address climate change, drive clean energy innovation and protect underserved communities.
- It is voluntary restricting its financing by - among other things - not providing lending, capital markets or advisory services to companies deriving the majority of their revenues from the extraction of coal. It also indicates it will phase out remaining credit exposure to such companies by 2024.
- It became a signatory to the Climate Action 100+, and is increasing its engagement with companies around climate change and developing a proprietary ESG scoring framework.
According to InvestmentNews, JPMorgan "said its new ESG scoring system is intended to help the firm’s investment managers better identify future ESG risks and opportunities, and aid them in portfolio construction. Its eight-person stewardship team will focus on engaging companies where the asset manager believes ESG considerations 'can play a critical role in creating value for its clients,' such as management of human capital and climate concerns."
CNBC said that JPMorgan unveiled the new commitments in connection with its annual investor day.
See our prior reports: "BlackRock Joins Climate Action 100+" "BlackRock to CEOs: Sustainability Takes Center Stage," "BlackRock Details Sustainable Investment Vision," and "Sustainability-Based Proxy Voting: State Street Follows Suit." This post first appeared in the weekly Society Alert!