JPMorgan Chase announces new 2030 carbon reduction targets for clients

The targets follow its announcement that it achieved carbon-neutrality in 2020 and would invest $1tn into green activities over the next decade

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JPMorgan Chase has announced new 2030 carbon reduction targets to help its clients become more sustainable.

For its clients in auto manufacturing, its 2030 targets include a 41% reduction in the carbon intensity of building new vehicles compared to a 2019 baseline and accelerating its clients’ transition to electric vehicles (EVs).

For clients in the power sector, it aims for a 69% reduction in the carbon intensity of electricity generation, looking to accelerate the power sector’s shift to renewable sources such as solar and wind.

In terms of its oil and gas clients, it targets a 35% reduction in operational carbon intensity and a 15% reduction in end-use carbon intensity.

This follows the company’s announcement today that it achieved carbon-neutrality across its operations in 2020, as well as its statement last month that it would invest $1 trillion (£710m) into green activities to address climate change across the next 10 years.

Jamie Dimon, Chairman & CEO, said: “Setting our Paris-aligned targets is an important step toward accelerating the transition to a low carbon economy and meeting the goals of the Paris Agreement.

“JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon-neutral.”

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