JP Morgan Chase pledges to ‘shift away’ from fossil fuel investments: reports

JP Morgan Chase is set to cut its exposure to companies not aligned to the Paris climate accords and is shifting its financing portfolios away from the fossil fuel industry, according to the FT.

On Tuesday this week, JP Morgan Chase told oil and gas, electric power and automotive clients to reduce emissions by 2030, with the bank set to announce specific emissions reduction targets by next year.

The bank has been the target of climate activists and campaigners a number of times in the past, with its alignment with the Paris accords particularly under scrutiny.

The Wall Street bank also said it was committing to reduce carbon emissions from its operations.

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