May 29, 2024
Economy

Why JPMorgan Chase has set up Special ‘Green Economy’ Group


Jamie adds: “As a result, we are going to go our own way and make our own independent decisions, gathering the best learnings of experts in the field and, of course, we will follow all legal requirements.

Three big challenges

He sets out three big challenges to get global leaders thinking:

1 – “Everyone should understand that conquering the climate problem needs proper government action, particularly around taxes, permitting, grids, infrastructure building and proper coordination of policies — we are not there yet”

2 – “There is no known technology that can fill the gap between our aspirations and the current trajectory of the world.” Jamie says he hopes and believes it will be found – through carbon capture, improved batteries, hydrogen or other measures – but adds: “This new technology will also require proper government research and development funding, as the effort cannot be accomplished by private enterprise alone.”

3 – “We are going to use the word “commitment” much more reservedly in the future, clearly differentiating between aspirations we are actively striving toward and binding commitments.”

Jamie writes that the new green economy group enables JPMorgan Chase to “play the right role in tackling the climate challenge”.

Sustainability at the economic heart

Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase, adds that the company has brought sustainability together with philanthropy, government relations, research and policy, and community engagement functions to tackle inclusive economic growth as one team.

He writes: “Our integrated model allows us to tap a wide-ranging set of tools and perspectives to address societal issues impacting our clients, customers and employees and drive favourable conditions for the firm’s continued success.

“We understand that complex problems aren’t solved with a single grant or meeting but rather require multifaceted solutions.”

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