JPMorgan Chase today joined the movement among major banks in establishing massive sustainable finance targets, setting a goal to finance and facilitate more than $2.5 trillion over 10 years to advance climate action and sustainable development, the largest yet commitment among its Wall Street peers.

The announcement follows a pledge last week by Bank of America to achieve $1.5 trillion in sustainable finance mobilization and deployment by 2030, and Citi’s $1 trillion goal, set earlier today. The sustainable finance commitments come as banks anticipate substantial increases in spending over the coming years by companies and governments on climate and energy transition-related investments, as well as expenditures towards other sustainable development areas, and as investors and financiers look to have a more meaningful impact from the funds they deploy.

Ashley Bacon, Chief Risk Officer, JPMorgan Chase, said:

“We believe that a contribution at this scale will have a significantly positive impact. As a company we commit to dedicating extensive time, expertise and focus to ongoing analysis and development of the role we play. It is necessary, but not sufficient that as financial institutions covering the whole economy, we play our part. We hope broader developments ranging from public policy to technological advancement will move us further towards a sustainable path.”

In October 2020, the bank committed to align its financing activities with the goals of Paris Agreement, aiming to help clients navigate the challenges and capitalize on the long-term economic and environmental benefits of transitioning to a low-carbon world. JPMorgan’s new target aligns with this pledge, earmarking $1 trillion for green initiatives that support climate action, with the goal of accelerating the deployment of solutions for cleaner sources of energy and facilitating the transition to a low-carbon economy.

Other key focus areas for JPMorgan’s sustainable finance initiatives include Development Finance, financing and facilitating transactions that support socioeconomic development and quality of life in developing countries, and Community Development, advancing economic inclusion in developed markets with a focus on small business financing, home lending and affordable housing, education and healthcare. Efforts in the latter area include the bank’s recent pledge to channel $30 billion of financing over the next five years to underserved communities in the U.S. to promote economic opportunities and advance racial equity.

Jamie Dimon, Chairman and CEO, JPMorgan Chase, said:

“Climate change and inequality are two of the critical issues of our time, and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities. Business, government and policy leaders must work together to support long-term solutions that advance economic inclusion, bolster sustainable development and further the transition to a low-carbon economy. We are committed to doing our part.”