JPMorgan bad on football, worse on climate

Reclaim Finance assesses JPMorgan Chase's (JPMC) 2030 portfolio targets, concluding that while the inclusion of underwriting and the setting of interim targets are positive, the oil and gas targets are unacceptably weak. The document highlights that JPMC provided $317 billion in fossil fuel finance between the Paris Agreement's adoption and the end of 2020. It argues that JPMC's reliance on emissions intensity metrics rather than absolute emissions reductions allows for continued support of fossil fuel expansion, citing JPMC's financing of Total and ExxonMobil as examples.

• Between the adoption of the Paris Agreement and the end of 2020, JPMorgan Chase provided $317 billion in lending and underwriting to the fossil fuel industry, representing over 8% of all fossil fuel finance from the world's 60 largest banks.
• JPMC's 2030 target for oil and gas is a 15% reduction in emissions intensity from 2019 levels, which the document argues is inadequate compared to the IPCC's 1.5°C scenario requiring 37% cuts for oil and 25% for gas. Because it is an intensity metric, absolute emissions could still increase if supply grows.
• The bank's electric power target is a 69% reduction in carbon intensity from a 2019 baseline (targeting 115.4 kgCO2/MWh by 2030). While more ambitious than the oil and gas target, the document notes that intensity metrics can still allow financing for new coal plants if other zero-carbon plants are built.
• JPMC's financial support for oil and gas significantly outweighs its coal financing; in 2020, it provided $7.5 billion to ExxonMobil alone, compared to $648 million for the world's 30 largest coal power companies.

APA

admin (2021). JPMorgan bad on football, worse on climate. Reclaim Finance. https://reclaimfinance.org/site/en/2021/05/17/jpmorgan-bad-on-football-worse-on-climate/

Chicago

admin. JPMorgan bad on football, worse on climate. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/05/17/jpmorgan-bad-on-football-worse-on-climate/.

Wikipedia

{{cite press release |last1=admin |title=JPMorgan bad on football, worse on climate |publisher=Reclaim Finance |date=17 May 2021 |url=https://reclaimfinance.org/site/en/2021/05/17/jpmorgan-bad-on-football-worse-on-climate/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021jpmorgan, author = {admin}, title = {{JPMorgan bad on football, worse on climate}}, publisher = {Reclaim Finance}, year = {2021}, month = may, url = {https://reclaimfinance.org/site/en/2021/05/17/jpmorgan-bad-on-football-worse-on-climate/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }