JPMorgan unveiled some major climate initiatives ahead of its investor day. CNBC's Wilfred Frost reports. JPMorgan Chase pledged on Tuesday to facilitate $200 billion in environmental and economic development deals and will pull back from advising and lending to the coal-mining industry. The new targets, disclosed in presentations for the New York-based bank’s annual investor day, mark an expansion from previous sustainable financing goals. Apart from helping to fund new climate and economic inclusion projects around the world, the bank said it was taking new steps to accelerate the transition to clean energy. On top of stepping back from advising companies that get most of their revenue from coal extraction, JPMorgan said it will put restrictions on financing new coal-fired power plants, phase out “credit exposure” to the industry by 2024 and will stop funding new oil and gas drilling projects in the Arctic. “This new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist,” the bank said in a statement. Despite the announcement, dozens of environmental activists protested outside the bank’s headquarters ahead of the annual meeting. Even after retrenching from some of its relationships, the bank will still be one of the major bankers to the fossil-fuel industry overall. Under CEO Jamie Dimon, JPMorgan has held annual investor meetings to update stakeholders on performance targets, market conditions and areas of opportunity. The bank on Tuesday reiterated guidance given at last year’s investor meeting, saying that the company would target an approximate 17% return on tangible equity and 55% efficiency ratio in the medium term. Given the relative lack of news, the bank said it may no longer hold investor meetings every year in the future. For access to live and exclusive video from CNBC subscribe to CNBC PRO: www.cnbc.com/pro/?__source=youtube » Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: www.cnbc.com/ Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: cnb.cx/LikeCNBC Follow CNBC News on Twitter: cnb.cx/FollowCNBC Follow CNBC News on Instagram: cnb.cx/InstagramCNBC #CNBC #CNBC TV

Be the first to comment