JPMorgan Chase & Co has announced its intention to join the United Nations’ Net-Zero Banking Alliance on Friday. The alliance consists of a group of global banks committed to reducing their carbon financing and investment activities.
JPMorgan is the largest US bank and a critical lender to the fossil fuel industry. Therefore, it was criticized for not joining. Nonetheless, they have joined the race with their rivals, such as Citigroup, Bank of America, Morgan Stanley.
“We are joining the Net Zero Banking Alliance because we support the ambition for greater climate action, the sharing of best practices, and a collaborative approach between the public and private sectors to reach this goal,” Marisa Buchanan, JPMorgan’s global head of sustainability, said in a statement.