Wednesday, March 09, 2016

JPMorgan Becomes Latest Big Bank to Ditch Coal

JPMorgan Chase & Co. Became the Latest Big Bank to Pull Back from Coal.

One of the coal mines in Jharia. Jharia in India's eastern Jharkand state is literally in flames. (Credit:  Click to Enlarge.
The New York bank will no longer finance new coal mines around the world and will end support for new coal-fired power plants being developed in “high income” countries of the Organisation for Economic Co-operation and Development, JPMorgan said in a policy statement on its website.

JPMorgan is joining a growing list of financial institutions including Bank of America Corp., Citigroup Inc., Morgan Stanley and Wells Fargo & Co. that have pledged to stop or scale back support for coal projects.  It’s part of a broader divestment campaign led by environmental groups including San Francisco-based Rainforest Action Network looking to move the world’s economies beyond fossil fuels.

“We believe the financial services sector has an important role to play as governments implement policies to combat climate change,” JPMorgan said in the document.

Read more at JPMorgan Won't Back New Coal Mines to Combat Climate Change

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