JPMorgan announced that it had set targets to reduce emissions associated with its finance and dealmaking in the iron, steel, cement, and aviation sectors, as those associated with oil and gas usage increased.
The new sector targets come after it became the first large U.S. bank to set 2030 portfolio-level emission reduction targets for three industries: oil and gas, electric power, and automobile manufacturing.
In the case of iron and steel, the bank stated that it aims to reduce emissions per tonne of crude steel produced by 31% by 2030. In addition, it aims for a 29% reduction in cement and a 36% reduction in aviation.
According to the bank, all targets are consistent with the International Energy Agency’s Net Zero Emissions (NZE) scenario.
The bank intends to expand this work over time to address other carbon-intensive sectors following global climate goals and evolving best practices for the financial sector. See the most recent firmwide Climate Report for more information on its environmental sustainability strategy and how it assists clients.
