Bloomberg News reports that the bank will no longer finance new coal mines around the world and will end support for new coal-fired power plants being developed in “high income” countries of the Organisation for Economic Co-operation and Development, JPMorgan said in a policy statement on its website.
JPMorgan is joining a growing list of financial institutions including Bank of America, Citigroup, Morgan Stanley and Wells Fargo that have pledged to stop or scale back support for coal projects. It’s part of a broader divestment campaign led by environmental groups including Rainforest Action Networklooking to move the world’s economies beyond fossil fuels.
“We believe the financial services sector has an important role to play as governments implement policies to combat climate change,” JPMorgan said in the document.
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