JPMorgan Chase pledges to help oil and gas customers reduce carbon emission intensity by 35%

According to a report from Energy Transition News in London on May 13, 2021, the world’s leading investment bank JP Morgan Chase stated on May 13 that JP Morgan Chase, one of the largest financing institutions in the fossil fuel industry, pledged to help its oil and gas customers in 2030.

This is part of the US-based investment bank’s efforts to align its financing activities with the climate goals of the Paris Agreement.

JPMorgan Chase announced the 2030 carbon emission intensity targets for its three major investment portfolio clients—oil and gas, electricity and automobile manufacturing—and plans to help these clients transform into a low-carbon world.

Due to the huge carbon footprint of oil and gas projects, JP Morgan Chase and many other investment banks are facing tremendous pressure to reduce financing for oil and gas operations.

JPMorgan Chase said in a statement that in its oil and gas investment portfolio, JPMorgan Chase has pledged to reduce operating carbon emission intensity by 35% and end-use carbon emission intensity by 15%-reflecting downstream oil and gas combustion emissions The decrease in electricity generation and the increase in renewable energy generation.

Oil and gas targets include oil and gas producers, as well as refineries and integrated companies.

JPMorgan Chase said that the bank will work with customers to resolve methane leakage and flaring activities, and encourage the switch to renewable electricity to reduce operating emissions.

The statement said, “The bank will also work with customers to solve end-use carbon emissions issues, including switching to low-carbon fuels, and exploring other business diversification strategies.

　　Li Jun compiled from natural gas news

　　The original text is as follows:

　　JPMorgan vows to help oil and gas clients reduce their carbon intensity

　　Global investment bank JPMorgan Chase, which is one of the largest financiers to the fossil fuel industry, has pledged to help its oil and gas clients cut their carbon intensity by 35% by 2030, it said May 13.

　　This is part of the US-headquartered bank's efforts to align its financing activities with the climate goals of the Paris Agreement.

　　It published 2030 carbon intensity targets for its clients in three of its portfolios - oil and gas, electric power and auto manufacturing, as it plans to help them transition to a low-carbon world.

　　JPMorgan along with many other investment banks have come under pressure to reduce their funding for oil and gas businesses because of the large carbon footprint of such projects.

　　In its oil and gas portfolio, JPMorgan has pledged a 35% reduction in operational carbon intensity, as well as a 15% reduction in end-use carbon intensity – "reflecting a decrease in emissions from the combustion of oil and natural gas downstream and increase in renewable energy generation," it said in a statement.

　　The oil and gas targets cover its clients which are producers of oil and natural gas, as well as refiners and integrated companies.

　　It said it will work with clients to address methane leakage and flaring activity, in addition to encouraging shifts to renewable electricity to reduce operational emissions.

　　"[It] will also work with clients to address end-use emissions, including by shifting to lower-carbon fuels and exploring other business diversification strategies," the statement said.