JP Morgan Chase is set to become the latest global banking giant to restrict lending to the most carbon intensive fossil fuel projects. According to various media reports, the US investment bank will today use its annual ‘Investor Day’ to unveil a number of new climate policies, including restrictions on financing for coal and Arctic drilling projects. The new rules would effectively end all investment in Arctic drilling projects by the bank and impose tough new criteria for financing companies involved in coal mining and coal power. In addition, the company is set to announce a new $200 billion target for investing in green projects that “support climate action” and the UN‘s Sustainable Development Goals (SDGs). The new target builds on a previous 2017 pledge to mobilise $50 billion of green financing. The move comes just days after JP Morgan sent a briefing note to clients highlighting potentially catastrophic risks arising from escalating climate impacts.

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