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JPMorgan pledges $2.5 trillion over the next decade toward climate change

JPMorgan pledges $2.5 trillion over the next decade toward climate change

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.

Within the initiative, $1 trillion is earmarked for green projects, including renewable energy and clean technologies that are focused on speeding the transition to a low-carbon economy.

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.

The latter effort will focus on small business financing, home lending and affordable housing, education and health care. Included within this category is the $30 billion JPMorgan committed last October to closing the racial wealth gap in the U.S.

“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.

Thursday’s announcement comes after JPMorgan said last fall it will establish emission targets for its financing portfolio. The firm said targets would be set on a sector-by-sector basis, and will first focus on the oil and gas, electric power, and automotive manufacturing sectors.

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