JPMorgan Chase releases green guidelines
(26 April 2005 – USA) JPMorgan Chase has established its green credentials with the release of its environmental policy which restricts lending to projects that are not environmentally friendly.
The bank, which set up its Office of Environmental Affairs a year ago, worked on the policy with environmental groups such as Friends of the Earth and Rainforest Action Network.
JPMorgan Chase said its policy was the first of any financial institution to incorporate environmental risk management into its private equity division’s due diligence process.
The bank said it would reduce its own greenhouse emissions and work with clients to develop new financial products that facilitate emissions reductions and it would invest in businesses that reduce greenhouse gases.
The bank will not finance companies or projects that are "knowingly engaged" in illegal logging.
"Conducting business with the highest standards and supporting the communities we serve is part of our firm’s culture," JPMorgan Chase chairman and CEO William B. Harrison said.
Citigroup and Bank of America have already released similar guidelines. Environmental groups in the US have targeted banks in an attempt to get them to lobby the US government to adopt a national policy on emissions.
JPMorgan Chase said its policy was the first of any financial institution to incorporate environmental risk management into its private equity division’s due diligence process.
The bank said it would reduce its own greenhouse emissions and work with clients to develop new financial products that facilitate emissions reductions and it would invest in businesses that reduce greenhouse gases.
The bank will not finance companies or projects that are "knowingly engaged" in illegal logging.
"Conducting business with the highest standards and supporting the communities we serve is part of our firm’s culture," JPMorgan Chase chairman and CEO William B. Harrison said.
Citigroup and Bank of America have already released similar guidelines. Environmental groups in the US have targeted banks in an attempt to get them to lobby the US government to adopt a national policy on emissions.
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