JPMorgan Chase & Co. signed a pledge to align its lending and investment portfolios with net-zero emissions by 2050, joining more than 40 rival financial firms in the Net-Zero Banking Alliance.
Companies including Morgan Stanley, Citigroup Inc. and UBS Group became part of the alliance when it started in April. The group represents the banking element of the Glasgow Financial Alliance for Net Zero, led by former Bank of England Governor Mark Carney.
“Climate change is a critical issue of our time, and we are committed to doing our part to address it,” Marisa Buchanan, JPMorgan’s global head of sustainability, said in a statement Friday.
The banking industry has been criticized for contributing to the climate crisis by providing financing to the oil and gas sector. JPMorgan is the No. 1 arranger of bonds for fossil-fuel companies this year and also ranks as the leading underwriter of green bonds, according to data compiled by Bloomberg.
JPMorgan, led by Chief Executive Jamie Dimon, said in May that it plans to report a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of the decade. The commitment followed the company’s announcement last year that it was aligning its financing activities with the United Nations’ Paris climate agreement.
“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,” Buchanan said in Friday’s statement. “Thoughtful policy, technology and behavioral advancements are all prerequisites in realizing our common goals around net-zero emissions by 2050.”
AI is no replacement for trusted financial advisors, but it can meaningfully enhance their capabilities as well as the systems they rely on.
Prudential's Jordan Toma is no "Finfluencer," but he is a registered financial advisor with four million social media followers and a message of overcoming personal struggles that's reached kids in 150 school across the US.
GReminders is deepening its integration partnership with a national wealth firm, while Advisor CRM touts a free new meeting tool for RIAs.
The Texas-based former advisor reportedly bilked clients out of millions of dollars, keeping them in the dark with doctored statements and a fake email domain.
The $3.3 trillion tax and spending cut package narrowly got through the upper house, with JD Vance casting the deciding vote to overrule three GOP holdouts.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
