JP Morgan has aligned itself with Morgan Stanley & Bank of America in announcing that it will pull back from investing in coal mines and power plants, putting such transactions in the same category as those that support illegal logging or child labour.
The US-headquartered investment bank said it will cease funding new coal-fired power plants in high income OECD countries, adding that “the financial services sector has an important role to play as governments implement policies to combat climate change”.
However, JP Morgan said it would continue to provide financing to new coal plants outside of such countries that employed efficient, low-carbon “ultra-supercritical steam generation” technology.
Read the full story here: Carbon Pulse