•   
  •   
  •   

US JPMorgan is deploying $2.5 trillion to fight the climate crisis and inequality

13:50  15 april  2021
13:50  15 april  2021 Source:   cnn.com

Jamie Dimon sounds the alarm on the future of American prosperity

  Jamie Dimon sounds the alarm on the future of American prosperity Jamie Dimon is very bullish on the US economic recovery from the pandemic. And yet the JPMorgan Chase CEO is deeply concerned about the future of America. © David A.Grogan/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images Jamie Dimon, CEO of JPMorgan, wrote in his annual shareholder letter that government dysfunction is slowing down America's economy. "It is hard to look at these issues in their totality and not conclude that they have a significant negative effect on the great American economic engine," he said.

America's largest bank is adding some serious firepower to the fight against climate change and inequality.

a group of people standing on top of a mountain © Irfan Khan/Los Angeles Times/Los Angeles Times via Getty Imag

JPMorgan Chase announced Thursday that it aims to finance or facilitate investments of $2.5 trillion over 10 years to support solutions that address climate change and contribute to sustainable development. The target includes $1 trillion for green initiatives such as renewable energy, new clean technology, waste management and conservation.

The announcement, believed to be the largest of its kind by a major bank, is the latest in a string of pledges by financial institutions to help the world pivot toward a cleaner energy future.

The truth behind companies' 'net zero' climate commitments

  The truth behind companies' 'net zero' climate commitments Going green is in fashion — but are corporate claims of going green reliable?What do these corporate pronouncements mean? Imagine you want to use your tax refund to buy stock and you pick the oil industry giant BP because you learn the company has pledged to become carbon neutral by 2050. Or suppose you are a young professional deciding whether to accept a job offer from the consumer products giant Amazon, impressed by the company's claims that it is "committed to" sustainability.

"This is about us not just saying the right thing, but actually doing the right thing," Marisa Buchanan, JPMorgan's global head of sustainability, told CNN Business.

The $2.5 trillion goal through the end of 2030 marks an acceleration of JPMorgan's short-term target. Last February, JPMorgan committed to deploying $200 billion in 2020 to support climate solutions and sustainable development. The bank says it exceeded that goal, including $55 billion in green initiatives alone.

"Technology has to be such a huge piece of the puzzle when it comes to meeting the Paris climate goals. This is a big opportunity for us as a bank," said Buchanan.

Rival Bank of America announced last week a $1.5 trillion sustainable finance goal, including $1 trillion alone for climate-related investments.

Food system emissions need attention at Biden's climate summit

  Food system emissions need attention at Biden's climate summit The food system requires significant amounts of energy to operate, with attendant carbon dioxide emissions. From gasoline in tractors to natural gas for food processing plants, from electricity for storage and refrigeration to even the act of cooking, the global food system is responsible for roughly 30 percent of total energy demand. But the food system also emits other important greenhouse gases, such as methane from cattle and sheep and nitrous oxide from fertilizer use, two potent greenhouse gases.

The financing pledges come after JPMorgan, Bank of America, Wells Fargo and other big banks set goals of net zero greenhouse gas emissions, including in the companies and projects they finance, by 2050.

The announcements underscore how much pressure banks are under to show that they are part of the solution to the climate crisis. And it demonstrates how Wall Street increasingly views clean energy as a viable investment, not merely a feel-good initiative.

'Banks are still net negatives'

However, climate groups argue the steps by big banks do not go far enough, especially given their ongoing support for fossil fuels.

Since the Paris climate agreement was reached in 2015, the world's 60 biggest banks have provided $3.8 trillion in financing to fossil fuels, according to a report released by climate groups last month.

"Banks are still net negatives in the overall sustainable finance horizon," said Vanessa Fajans-Turner, executive director at BankFWD, a network that aims to persuade banks to phase out fossil fuel financing.

Joe Biden considers ordering climate confessions

  Joe Biden considers ordering climate confessions President Joe Biden is readying an executive order that would require companies to disclose the risks they face from climate change, special climate envoy John Kerry said this week. © Provided by Washington Examiner Kerry didn’t elaborate on the details of the order or the timing, but the move would fulfill a promise Biden made on the campaign trail to require all public companies to report their emissions and climate-related risks.

For instance, JPMorgan alone financed $51.3 billion in fossil fuels projects in 2020, according to the climate group report. That is roughly even with the $55 billion in green initiatives the bank said it supported last year.

"That's not a coherent sustainable finance strategy, and the bank's clients and competitors know it," said Fajans-Turner. "We welcome the announcements by banks to be increasingly engaged climate actors. But banks still have a long way to go."

Dimon: We can't just walk away from fossil fuels

JPMorgan has also reportedly bankrolled projects that have been fiercely opposed by environmentalists, including the Dakota Access Pipeline.

"The fact is we're long past debating whether climate change is real," JPMorgan CEO Jamie Dimon said in his annual shareholder letter last week. "But we need to acknowledge that the solution is not as simple as walking away from fossil fuels. We will need resources such as oil and natural gas until commercial, affordable and low-carbon alternatives can be developed to meet all of our global energy needs."

Biden releases breakdown of what needs fixing for infrastructure plan

  Biden releases breakdown of what needs fixing for infrastructure plan Republicans slammed President Joe Biden's $2.7 trillion infrastructure plan as a 'dog's breakfast of slush funds' for Democrats as White House releases state-by-state breakdown of what needs fixing.Biden will host four GOP lawmakers - along with four Democratic ones - on Monday to discuss his massive infrastructure plan, which Republicans have criticized for containing more than traditional infrastructure projects.

In other words, while JPMorgan is stepping up its support for green energy, it is not saying goodbye to fossil fuels.

Even though oil and gas are expected to be major fuel sources over the next decade, climate activists want to cut support for fossil fuels now.

"We cannot meaningfully address the climate crisis without stopping the expansion of fossil fuels," Natalie Mebane, policy director at environmental group 350.org, said in a statement Wednesday in support of legislation that would stop new oil and gas leases on federal lands and water.

JPMorgan says that it has facilitated and financed about $210 billion toward green initiatives. For example, the bank said it helped raise $230 million for Bloom Energy, which develops efficient energy generators to curb emissions, and provided financing to support the development of an ALLETE Clean Energy wind farm that provides enough renewable energy to power 114,000 homes.

Fighting poverty

The bulk of the $2.5 trillion goal announced by JPMorgan deals with efforts to boost investment in underserved communities.

That includes providing financing to small businesses, affordable housing and education in low to moderate income communities in developed markets like the United States.

In emerging markets, JPMorgan said it will work to advance the United Nations Sustainable Development Goals, which among other ambitious goals aims to end poverty and hunger.

"There are so many communities around the world that don't have the living standards we do in the United States and are in real need of infrastructure, jobs and economic growth," said JPMorgan's Buchanan.

NHL's COVID protocol-related absences for April 17, 2021 .
Players in the protocol are: Colorado's Bowen Byram, Philipp Grubauer and Joonas Donskoi; Edmonton's Dmitry Kulikov; Los Angeles' Matt Roy; Montreal's Jon Merrill and Erik Gustafsson; Philadelphia's Jackson Cates; Toronto's Nick Foligno, Riley Nash and Ben Hutton; and Vancouver's Nate Schmidt and Jake Virtanen. Read more here.APRIL 15The NHL has confirmed that the Vancouver Canucks will not return to play from their lengthy COVID-19 pause Friday night versus the Edmonton Oilers as originally hoped.

usr: 3
This is interesting!