JPMorgan to avoid financing coal projects

JP Morgan Chase's official Environmental and Social Policy Framework drew a line against supporting new or "greenfield&quot
JP Morgan Chase's official Environmental and Social Policy Framework drew a line against supporting new or "greenfield" coal mines in high income countries, or new coal-fired power plants

Wall Street banking giant JPMorgan Chase said Monday that it would avoid financing new coal projects in advanced economies due to their contribution to global warming.

The bank's official Environmental and Social Policy Framework drew a line against supporting new or "greenfield" coal mines in high income countries, or new coal-fired power plants.

The Framework also said it will cut back credit support to coal mining companies over the medium term and only back new plants in lower-income countries that employ "ultra-supercritical steam generation technology."

"We believe the financial services sector has an important role to play as governments implement policies to combat climate change," the document said.

"We will therefore continue to provide financial support to those clients whose activities remain consistent with our own internal policies and government-led efforts to achieve an orderly transition toward less carbon-intensive economies."

The bank also set tough policies on lending that might involve forestry, exploitation of the Arctic, and said it would try to commit more to protecting natural ecosystems.


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Citation: JPMorgan to avoid financing coal projects (2016, March 7) retrieved 22 September 2019 from https://phys.org/news/2016-03-jpmorgan-coal.html
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Mar 07, 2016
No matter how hard you climate drama queens "believe" nothing can change the truth;
SMOG WARNING DAYS (real smog) have been rare for decades in most of N. America and now fracking's abundance of cheap fossil fuels is ending the oil wars with possible world peace and is giving us reliable energy for generations to come.
*Smog Alerts, Advisories, Watches and "Be Kind to the Air Days" are not measurements of smog, only conditions that "could" cause actual smog.
Life is good.

And until climate change science is as certain as they are of smoking causing cancer that we need to SAVE THE PLANET from CO2, expect another 35 years of climate action delay and global debate.

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