JPMorgan Chase announced that it will no longer finance new coal mines around the world or new coal-fired power plants in industrialized countries.
Great news! @jpmorgan is stepping away from #coal mining! Thank you, climate activists! https://t.co/WaSq0iF98O pic.twitter.com/wPgIarav6i
— Rainforest Action Network (RAN) (@RAN) March 8, 2016
“We believe the financial services sector has an important role to play as governments implement policies to combat climate change,” the bank said in a new policy statement. JPMorgan joins a growing list of other large financial institutions, like Bank of America and Wells Fargo, that have stopped supporting coal projects.
For a deeper dive: Financial Times, Bloomberg, E&E News
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