AUM in Action

Shareholders Pressure JP Morgan to Disclose Transition Plan

More than a third (35%) of shareholders backed a shareholder resolution filed by non-profit As You Sow which called for global financial services firm JPMorgan Chase to disclose its climate transition plan. Similar proposals were put to vote at other major US banks, with a resolution at Bank of America receiving a 28.5% vote of support, Goldman Sachs with 29.9%, and Wells Fargo with 31.1%. Danielle Fugere, President of As You Sow, emphasised the urgency of immediate action from the banking sector on climate. “Now is the time for JP Morgan to take the critical next step in its climate risk strategy — to disclose and begin implementing its GHG reduction plan. This creates confidence that its goals are attainable and not just greenwashing,” she said. JP Morgan had previously set 2030 intensity reduction targets for various sectors, including oil and gas, electric power, and auto manufacturing. In 2022, the bank expanded its goals to include sectors such as iron and steel, cement, and aviation, covering the highest-emitting sectors in its portfolio. JP Morgan is a member of the Net Zero Banking Alliance, which is committed to aligning lending and investment portfolios with the net zero by 2050 goal of the Paris Agreement. 

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