JPMorgan Chase & Co. announced that is has completed its inaugural offering of green bonds, issuing $1 billion aggregate principal amount of Fixed-to-Floating Rate Notes due 2024. The company stated that the co-managers for the bond offering consisted solely of Minority and Women-Owned Business Enterprise and Service-Disabled Veteran-Owned Business firms.
According to JPMorgan, the bond offering is part of its firmwide sustainability strategy and was issued in accordance with the JPMorgan Chase & Co. Sustainable Bond Framework. Proceeds from the issue will be used to fund green projects, such as the financing or refinancing of projects related to green buildings and renewable energy as well as lending to clients for eligible green projects.
Marisa Buchanan, Head of Sustainability at JPMorgan Chase, said:
“We are thrilled to offer our inaugural green bonds, which build on JPMorgan Chase’s leadership in the global green bond market and expands on the Firm’s efforts to address climate change. This is an important step in our sustainability journey, and we look forward to continuing to advance sustainable solutions that protect the environment and help facilitate a transition to a low-carbon economy.”
JPMorgan is itself one of the top underwriters of sustainable bonds, with volumes of green and sustainable bonds underwrtitten by the firm reaching $14.6 billion in 2019. Earlier this year, JPMorgan announced a goal to facilitate $200 billion in financing in 2020 for transactions that support climate action and advance the United Nations Sustainable Development Goals.