Newspaper article Charleston Gazette Mail

JPMorgan Pulls Back from Coal ; Bank Won't Finance Mines That Worsen Climate Change

Newspaper article Charleston Gazette Mail

JPMorgan Pulls Back from Coal ; Bank Won't Finance Mines That Worsen Climate Change

Article excerpt

JPMorgan Chase is the latest big bank to pull back from coal.

The bank will no longer finance new coal mines around the world and will end support for new coal-fired power plants in "high income countries of the Organization of Economic Co-operation and Development, JPMorgan said in a policy statement on its website. The decision puts JPMorgan on a growing list of financial institutions, including Bank of America, Citigroup, 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 looking to move the global economy beyond fossil fuels.

"We believe the financial services sector has an important role to play as governments implement policies to combat climate change, JPMorgan said in the document. …

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