JPMorgan Won't Back New Coal Mines to Combat Climate Change
- JPMorgan pledge similar to ones by Morgan Stanley, Citigroup
- Bank won't finance coal-fired power plants in some countries
KNUTSFORD, UNITED KINGDOM - NOVEMBER 24: Coal waits to be delivered from the yard of traditional coalman Ernie Lockett to homes for winter heating in Northwich on November 24, 2008 in Cheshire, England. Ernie, aged 64, has been a coalman since he was 15 and works alone on his Cheshire delivery round. Coal has seen a resurgence in use as other fuels, such as oil have seen a price increase and the fashion for solid fuel stoves has risen.
Photographer: Christopher Furlong/Getty ImagesJPMorgan Chase & Co. became the latest big bank to pull back from coal.
The New York bank will no longer finance new coal mines around the world and will end support for new coal-fired power plants being developed in “high income” countries of the Organisation for Economic Co-operation and Development, JPMorgan said in a policy statement on its website.