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JPMorgan To Establish Intermediate Emission Targets For 2030

JPMorgan Chase said Tuesday that it will establish intermediate emission targets for 2030 for its financing portfolio and begin communicating about its efforts in 2021. The Firm will focus on the oil and gas, electric power and automotive manufacturing sectors and set targets on a sector-by-sector basis.

The Paris Agreement aims to hold the increase in global average temperature to well below 2 degrees Celsius above pre-industrial levels, and ideally, to 1.5 degrees Celsius - which would require the world to achieve net-zero emissions by 2050.

JPMorgan Chase said it will aim to support companies to advance the goals of Paris, including reducing GHG emissions and expanding investment in low- and zero-carbon energy sources and technologies.

The Firm recognizes that significant changes in policy and the creation of new technologies will ultimately be required to reach net-zero emissions by 2050, particularly in those industrialized sectors that today lack alternatives.

The Firm will aim to evaluate its clients' carbon intensity, which tracks emissions relative to unit of output.

The Firm is expanding upon its 100 percent renewable energy target by committing to become carbon neutral in its operations beginning in 2020. The commitment will cover all of JPMorgan Chase's direct carbon emissions from its corporate buildings and branches, indirect emissions from the generation of purchased electricity, and emissions from employee travel.

JPMorgan Chase said its announcement builds upon its efforts to advance sustainable solutions for its clients and within its operations, including its commitment to facilitate $200 billion in financing in 2020 for companies and projects that support green, social and economic development objectives of the United Nations Sustainable Development Goals.

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