JPMorgan Chase & Co. (NYSE:JPM) will no longer finance new coal mines, Bloomberg reported. It will also end support for new coal-fired power plants in “high income” countries.
As quoted in the publication:
JPMorgan is joining a growing list of financial institutions including Bank of America Corp., Citigroup Inc., Morgan Stanley and Wells Fargo & Co. that have pledged to stop or scale back support for coal projects. It’s part of a broader divestment campaign led by environmental groups including San Francisco-based Rainforest Action Networklooking to move the world’s economies beyond fossil fuels.
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