Shareholders Call on JPMorgan Chase to Disclose a Climate Transition Plan
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—MAY 16, 2023—Today, JPMorgan Chase released final vote results for a first-time shareholder resolution filed by investor representative As You Sow, asking the company to provide an actionable climate transition plan outlining how it will achieve its 2030 net zero greenhouse gas emission reduction goals. The resolution was supported by 35% of shareholders.
This vote follows votes on similar proposals at Bank of America, which announced a 28.5% vote of support, a 29.9% supporting vote at Goldman Sachs, and a 31.1% vote at Wells Fargo.
“To achieve global net zero goals, immediate action from the banking sector is imperative,” said Danielle Fugere, president of As You Sow. “Now is the time for JPMorgan to take the critical next step in its climate risk strategy — to disclose and begin implementing its GHG reduction plan. This creates confidence that its goals are attainable and not just greenwashing.”
In 2021, JPMorgan Chase set 2030 intensity reduction targets for oil & gas, electric power, and auto manufacturing sectors. The bank added additional 2030 targets for its iron and steel, cement, and aviation sectors in 2022, rounding out goal setting for the highest emitting sectors in its portfolio. JPMorgan is a member of the Net-Zero Banking Alliance, whose signatories have committed to aligning lending and investment portfolios with the Paris Agreement’s net zero by 2050 goal.
“As one of the largest global banks, and one of the largest funders of fossil fuels, the banking sector looks to JPMorgan to set the tenor of climate ambition,” said Fugere. “JPMorgan can move the needle on meaningful climate action by articulating how it will make its ambitions actionable.”
“We look forward to continued progress from banking institutions such as JPMorgan whose actions are inextricably tied to global net-zero targets and future climate action,” said Andrew Behar, CEO of As You Sow.
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As You Sow acts as a resource for shareholders seeking change from the banking sector.
As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.