JPMorgan aims to back clients to align with Paris climate pact

(Reuters) – JPMorgan Chase & Co aims to support its clients in expanding investment in clean energy and work towards net zero-emissions by 2050, a move that aligns with the Paris climate pact of cutting carbon output, the bank said on Tuesday.

The Trump administration is preparing to pull the United States – one of the world’s biggest emitters of planet-warming greenhouse gases – out of the Paris accord adopted by nearly 200 nations with the aim of limiting global warming to “well below” 2 degrees Celsius and ideally to 1.5 degrees.

While the use of lower-carbon technology is growing within the electric power and automotive sectors, JPMorgan said, few options are available to replace oil and natural gas in long-distance transportation and heavy industry.

To track the progress towards the goals set in the Paris Agreement, JPMorgan said it will aim to evaluate its clients’ carbon footprint relative to their output, and provide insight into changes in performance.

“The goals set in the Paris Agreement are commendable and ambitious, but the world is not on track to meet them,” said Daniel Pinto, co-president of JPMorgan Chase.

“While the world has a long way to go, we at JPMorgan Chase want to do more.”

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli)