JPMorganChase is doubling down on its commitment to energy and climate leadership with the launch of its Center for Energy and the Environment (CE&E). The bank has set ambitious targets since 2021, including a $2.5 trillion Sustainable Development Target and portfolio-level carbon intensity goals. It has facilitated nearly $100 billion annually to add new energy from various sources and financed one in four gigawatts of U.S. renewables and storage through its tax-oriented investing team.
The CE&E serves as JPMorganChase's hub for expertise on the 'Four Forces' shaping energy and environmental outcomes: affordability, security, reliability, and sustainability. The bank has evolved its environmental targets based on lessons learned over the past five years. These lessons highlight that finance alone cannot overcome barriers like workforce gaps, permitting delays, and policy uncertainty. The bank also acknowledges that emissions and financed emissions must be considered within the broader context of the energy system.
JPMorganChase has developed principles to guide its approach, including scaling finance, approaching the energy system holistically, supporting market and policy solutions, and leading with data and transparency. The bank has strengthened its platform by integrating the Center for Carbon Transition and Corporate Sustainability into the CE&E. It has also broadened how it measures capital deployment and updated its portfolio-level carbon intensity targets to align with the 2025 update to the International Energy Agency's Net Zero Emissions by 2050 scenario.
The bank's principles reflect its intention to lead with pragmatism and a clear focus on helping clients succeed in a complex and rapidly evolving world. The opportunity in front of us is enormous, and JPMorganChase is ready to get to work.