JPMorgan financed $285 billion in climate, sustainability effort

JPMorgan Chase said it financed and facilitated $285 billion last year toward its $2.5 trillion, 10-year commitment to initiatives that combat climate change and advance sustainable development. 

The progress last year included $106 billion for green initiatives including renewable energy, energy efficiency and sustainable transportation, the New York-based firm said in a report Tuesday. JPMorgan also achieved carbon neutrality for its own operations for the second consecutive year in 2021 through energy efficiency initiatives, sourcing renewables and purchasing energy-attribute certificates and carbon offsets. 

Dhiraj Singh/Bloomberg

Still, the bank has helped arrange about $295 billion of bond sales and loans for fossil-fuel companies since the Paris climate agreement was announced at the end of 2015, more than any other bank, according to data compiled by Bloomberg.

“A responsible approach to energy and climate, especially during a time of war, is to immediately help provide energy security around the globe while remaining focused on accelerating the development of affordable, reliable and lower-carbon energy solutions,” Chief Executive Jamie Dimon said in the report. 

Dimon wrote in his annual letter to shareholders earlier this month that higher energy prices highlight the “urgent global need” for secure, reliable and affordable energy resources. While long-term clean-energy solutions are important, the U.S. should increase energy production, he said, adding that the two objectives aren’t mutually exclusive.

— With assistance from Tom Quinson.