Shareholders pressure JPMorgan Chase to roll out net zero plans

JPMorgan Chase released today the final vote results for a first-time shareholder resolution filed by investor representative As You Sow, asking the financial giant 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, the company said.

In 2021, JPMorgan Chase set 2030 intensity reduction targets for oil and 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.

Motions at other banks

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.

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​​“To achieve global net zero goals, immediate action from the banking sector is imperative,” said Danielle Fugere, president of As You Sow, today.

“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,” Fugere added. 

“JPMorgan can move the needle on meaningful climate action by articulating how it will make its ambitions actionable," she concluded.