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Net Zero Aligned Targets
Addressing our Financed Emissions Through our Net Zero Aligned Targets:
A key aspect of JPMorgan Chase’s environmental sustainability strategy is how we engage with our clients who operate in carbon-intensive industries, with the goal of accelerating the low-carbon transition and encouraging near-term actions that will set a path for global net zero emissions by 2050.
In support of our strategy, we are aligning key sectors of our financing portfolio with net zero emissions by 2050. We have set net zero aligned targets for eight sectors — Oil & Gas, Electric Power, Auto Manufacturing, Iron & Steel, Cement and Aviation — and new for 2023, Shipping and Aluminum. We have published our Carbon CompassSM methodology detailing our approach. We revised baselines for the Oil & Gas Operational, Electric Power, Auto Manufacturing, Iron & Steel, and Cement sectors in 2023.
Our net zero aligned targets are currently constructed for 2030 as portfolio-level targets by sector, using an emissions intensity reduction metric. Learn more about our targets, methodology and process here. Learn more about 2022 progress toward our net zero aligned targets in our latest Climate Report.
We aim to continue expanding this work over time for additional carbon-intensive sectors in our financing portfolio, engaging with our clients on their decarbonization journeys, and aligning that work, as we deem appropriate for our firm and clients, with global climate goals, science-based scenarios, and evolving best practices for the financial sector. Progress towards our targets is subject to market conditions, along with technological and public policy advancements.
Our targets are based on available data and scenario projections available as at September 2023. Future updates to the IEA Net Zero Emission by 2050 Scenario and/or other inputs — for example, changes in global emissions, available technologies or economic conditions — may result in changes to the projected emissions trajectories, and we may therefore change our targets for these sectors. We monitor these changes, as well as improved visibility, quality or availability of data, and assess the need to revise our baselines and targets as appropriate. We revised baselines for the Oil & Gas Operational, Electric Power, Auto Manufacturing, Iron & Steel, and Cement sectors this year.
Sustainable Development Target
JPMorgan Chase set the Sustainable Development Target with the goal to finance and facilitate more than $2.5 trillion over 10 years—from 2021 through the end of 2030—to advance long-term solutions that address climate change and contribute to sustainable development. In 2022, our Firm financed and facilitated approximately $197 billion toward the Target; $70 billion toward green, $87 billion toward development finance and $40 billion toward community development. Collectively, since 2021, we have financed and facilitated $482 billion toward our Target, including $176 billion toward our $1 trillion green target.
Our Sustainable Development Target aims to grow and strengthen our business activities across three important areas:
- Green: Aiming to drive climate action, clean energy, and sustainable resource management, with a focus on accelerating the deployment of solutions for cleaner sources of energy and facilitating the transition to a low-carbon economy. We are targeting $1 trillion toward this area by the end of 2030.
- Development Finance: Working to support socioeconomic development in emerging economies, with a focus on mobilizing capital to advance the United Nations Sustainable Development Goals.
- Community Development: Striving to advance economic inclusion in developed markets, with a focus in the United States on Low-to-Moderate Income individuals and communities and closing the racial wealth gap among Black, Hispanic and Latino individuals and communities. This includes many of the actions we are taking as part of our Racial Equity Commitment.
To learn more about the criteria for determining what business activity is eligible to count towards the target, see Our Approach to Our Sustainable Development Target in the 2022 ESG Report.
Operational Sustainability Targets
To drive progress on our operational sustainability objectives, we’ve set a number of targets:
Read about our latest efforts in the 2022 ESG Report.
To further accelerate JPMorgan Chase’s operational sustainability efforts, the Firm has signed long-term agreements to purchase high-quality, durable, carbon dioxide removal (CDR). These agreements are expected to enable the Firm to match every ton of its unabated direct operational emissions with durable carbon removal by 2030. Learn more about how JPMorgan Chase is helping to speed and scale the growth and development of CDR technologies here. Plus, read about JPMorgan Chase’s approach to helping strengthen the voluntary carbon market here.
2022 Environmental Data