JPMorgan Ramps Sustainable Finance Activity to $285 Billion in 2021
JPMorgan Chase revealed today a significant increase in its sustainable finance activity in 2021, financing and facilitating $285 billion supporting climate, community development and sustainable development projects and initiatives during the year, up approximately 30% from 2020.
The increase in sustainable finance mobilization puts JPMorgan ahead of its $2.5 trillion, 10-year sustainable development target, announced in April 2021. JPMorgan’s sustainable finance progress was reported as part of the bank’s 2021 ESG Report, published today.
The report included details of JPMorgan’s sustainable finance activity over the past year. Of the $285 billion mobilized in 2021, $106 billion was facilitated for “green” initiatives, including over $35 billion for sustainable transportation, renewable energy and energy efficiency, with financing activities including underwriting green bonds for corporate and sovereign issuers, capital raising and advisory services for electric vehicles companies and lending to emerging renewable energy companies.
Development finance activity accounted for $117 billion of the total, mobilizing capital towards sustainable development projects including expanding access to education, financial services, healthcare and telecommunications in developing countries.
JPMorgan also financed and facilitated $61 billion for community development, supporting areas including homeownership and affordable housing, small business and healthcare, with a focus on low and middle income and Black, Hispanic and Latino individuals and communities.
By division, Investment Banking accounted for $133 billion of the total, Corporate Banking for $101 billion, Consumer and Community Banking for $35 billion, and Commercial Banking for $15 billion.
Jamie Dimon, Chairman and CEO, JPMorgan Chase, said:
“The past year has shown what companies like ours can and must do to serve our customers, clients and communities by bringing together the best of our business to help address significant economic and societal challenges. We are leveraging capital and expertise to support a greener future for the planet and advance racial equity. JPMorgan Chase will continue to lead with a tireless focus on doing the right thing, even when it’s not easy or expedient.”
Click here to access JPMorgan Chase’s 2021 ESG Report