Coastwide
JPMorgan Chase & Co corporate headquarters in New York

USA - Top fossil fuel lender JPMorgan joins UN climate action finance plan

As the largest U.S. bank and a major lender to the fossil fuel industry, JPMorgan has been criticized for not joining the group, which launched in April, sooner. The announcement comes ahead of next month's UN Climate Change Conference, known as COP 26, in Glasgow.

NEW YORK (Reuters) -JPMorgan Chase & Co said Friday it was joining the United Nation's Net-Zero Banking Alliance, a group of global banks that have committed to dramatically reducing their carbon financing and investment activities.

As the largest U.S. bank and a major lender to the fossil fuel industry, JPMorgan has been criticized for not joining the group, which launched in April, sooner. The announcement comes ahead of next month's UN Climate Change Conference, known as COP 26, in Glasgow.

JPMorgan followed rivals Bank of America, Citigroup, Morgan Stanley and others in aligning its climate plan with the UN's Race to Zero campaign.

"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.

Read more.