America's largest bank is adding some serious firepower to the fight against climate change and inequality.
JPMorgan Chase (JPM) announced Thursday that it aims to finance or facilitate investments of $2.5 trillion over 10 years to support solutions that address climate change and contribute to sustainable development. The target includes $1 trillion for green initiatives such as renewable energy, new clean technology, waste management and conservation.
The announcement, believed to be the largest of its kind by a major bank, is the latest in a string of pledges by financial institutions to help the world pivot toward a cleaner energy future.
"This is about us not just saying the right thing, but actually doing the right thing," Marisa Buchanan, JPMorgan's global head of sustainability, told CNN Business.
The $2.5 trillion goal through the end of 2030 marks an acceleration of JPMorgan's short-term target. Last February, JPMorgan committed to deploying $200 billion in 2020 to support climate solutions and sustainable development. The bank says it exceeded that goal, including $55 billion in green initiatives alone.
Rival Bank of America (BAC) announced last week a $1.5 trillion sustainable finance goal, including $1 trillion alone for climate-related investments.
The financing pledges come after JPMorgan, Bank of America, Wells Fargo (WFC) and other big banks set goals of net zero greenhouse gas emissions, including in the companies and projects they finance, by 2050.
The announcements underscore how much pressure banks are under to show that they are part of the solution to the climate crisis. And it demonstrates how Wall Street increasingly views clean energy as a viable investment, not merely a feel-good initiative.