Methane leakage targeted in JPMorgan climate goals
US investment bank JPMorgan Chase said May 13 it planned to work with its clients to address climate change, including ways to cut methane emissions from oil and gas operations.
The bank released steps it said would align its financial activities with the climate goals outlined in the Paris agreement, spelling out its 2030 carbon-intensity targets for the fossil fuels, electric power and automotive sectors.
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CEO Jamie Dimon said it was incumbent on the financial sector to play its part in the growing effort to mitigate the harmful effects of climate change.
“JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral,” he said.
For the oil and gas industry, the company said it was targetting a 35% reduction in carbon intensity through increased activity in renewable energy and reductions in emissions from downstream activity.
“JPMorgan Chase will also work with clients to address end-use emissions, including by shifting to lower-carbon fuels and exploring other business diversification strategies,” the company said.
To that aim, the company said it would work with its clients to address methane emissions from oil and gas work. The energy sector, for its part, is transitioning to a cleaner future through the use of more natural gas in the power sector, hydrogen as an energy source and renewable natural gas sourced from, among other things, farm waste.
In a recent report, however, the US Energy Information Administration said it expected domestic natural gas consumption in 2021 to be only about 0.7% lower than it was last year. Higher prices for natural gas mean some power generators will adopt coal instead.
From the automotive sector, JPMorgan said it was aiming for a 41% reduction in carbon intensity from the manufacturers of new vehicles to accelerate the transition to electric vehicles.
In the electric power sector, the firm said it was targetting a 69% reduction in carbon intensity by working with its clients to transition to low- and zero-carbon sources such as solar and wind energy.