Sustainability Initiatives

For the Shipping sector, our 2030 interim net zero aligned target is to reduce Scope 1 (tank-to-wake) emissions carbon intensity to 8.4 grams of CO₂ equivalent per metric ton nautical mile, which is a 33% reduction from the 2021 portfolio baseline of 12.5 grams of CO₂ equivalent per metric ton nautical mile. This is a new target, so no progress figures are shown for this sector.

For the Aluminum sector, our 2030 interim net zero aligned target is to reduce Scopes 1 and 2 emissions carbon intensity to 6.5 metric tons of CO₂ equivalent per metric ton of aluminum, which is a 25% reduction from the 2021 portfolio baseline of 8.7 metric tons of CO₂ equivalent per metric ton of aluminum. This is a new target, so no progress figures are shown for this sector.

For the updated Energy Mix target, our 2030 interim net zero aligned target is to reduce Scope 3 (end use) emissions carbon intensity to 29.5 grams of CO₂ per megajoule, which is a 36% reduction from the 2019 portfolio baseline of 45.9 grams of CO₂ per megajoule. As of December 31, 2022, our Energy Mix portfolio carbon intensity was 38.8 grams of CO₂ per megajoule, which is a 15% decrease from our 2019 portfolio baseline.

For the Oil & Gas Operational sector, our 2030 interim net zero aligned target, which includes Scopes 1 and 2 emissions, is a 45% reduction in operational carbon intensity from the revised 2019 portfolio baseline of 4.9 grams of CO₂ equivalent per megajoule. As of December 31, 2022, our Oil & Gas Operational portfolio carbon intensity was 4.8 grams of CO₂ equivalent per megajoule, which is a 1% decrease from our revised 2019 portfolio baseline.

For the Electric Power sector, our 2030 interim net zero aligned target is to reduce Scope 1 emissions carbon intensity to 105.3 kilograms of CO₂ per megawatt-hour, which is a 69% reduction from the revised 2019 portfolio baseline of 342.6 kilograms of CO₂ per megawatt-hour. As of December 31, 2022, our Electric Power portfolio carbon intensity was 283.5 kilograms of CO₂ per megawatt-hour, which is a 17% decrease from our revised 2019 portfolio baseline.

For the Auto Manufacturing sector, our 2030 interim net zero aligned target is to reduce Scopes 1, 2 and 3 (tank-to-wheel) emissions carbon intensity to 86.1 grams of CO₂ equivalent per kilometer, which is a 48% reduction from the revised 2019 portfolio baseline of 164.8 grams of CO₂ equivalent per kilometer. As of December 31, 2022, our Auto Manufacturing portfolio carbon intensity was 139.1 grams of CO₂ equivalent per kilometer, which is a 16% decrease from our revised 2019 portfolio baseline.

For the Iron & Steel sector, our 2030 interim net zero aligned target is to reduce Scopes 1 and 2 emissions carbon intensity to 0.981 metric ton of CO₂ equivalent per metric ton of crude steel, which is a 30% reduction from the revised 2020 portfolio baseline of 1.412 metric ton of CO₂ equivalent per metric ton of crude steel. As of December 31, 2022, our Iron & Steel portfolio carbon intensity was 1.300 metric ton of CO₂ equivalent per metric ton of crude steel, which is a 8% decrease from our revised 2020 portfolio baseline.

For the Cement sector, our 2030 interim net zero aligned target is to reduce Scope 1 and 2 emissions carbon intensity to 460 kilograms of CO₂ equivalent per metric ton of cementitious product, which is a 28% reduction from the revised 2020 portfolio baseline of 639.3 kilograms of CO₂ equivalent per metric ton of cementitious product. As of December 31, 2022, our Cement portfolio  carbon intensity was 634.4 kilograms of CO₂ equivalent per metric ton of cementitious product, which is a 1% decrease from our revised 2020 portfolio baseline.

For the Aviation sector, our 2030 interim net zero aligned target is to reduce Scope 1 (tank-to-wake) emissions carbon intensity to 625 grams of CO₂ per revenue ton kilometer, which is a 36% reduction from the 2021 portfolio baseline of 972.6 grams of CO₂ per revenue ton kilometer. As of December 31, 2022, our Aviation portfolio carbon intensity was 940.1 grams of CO₂ per revenue ton kilometer, which is a 3% decrease from our 2021 portfolio baseline.

In 2023, our Firm financed and facilitated approximately $194 billion toward our SDT, in 2022 we financed and facilitated $197 billion and in 2021 we financed and facilitated $285 billion. Cumulatively, that equals $675 billion, or 27 percent of the $2.5 trillion target to be achieved by the end of 2030.

Of the total progress in 2023, our Firm financed and facilitated approximately $66 billion toward the green objective, $102 billion toward the development finance objective and $26 billion toward the community development objective. The $194 billion can also be broken down by line of business, with $81 billion toward CIB Investment Banking, $89 billion toward CIB Markets, $15 billion toward Consumer & Community Banking, and $8 billion toward Commercial Banking.

Of the total cumulative progress (from 2021 to 2023), our Firm financed and facilitated approximately $242 billion toward the green objective, $306 billion toward the development finance objective and $127 billion toward the community development objective. The $675 billion can also be broken down by line of business, with $310 billion toward CIB Investment Banking, $258 billion toward CIB Markets, $69 billion toward Consumer & Community Banking, and $38 billion toward Commercial Banking.

Notes:

Totals may not sum due to rounding.

Reported progress toward the SDT for the year 2023 reflects of updates to Our Approach to Our Sustainable Development Target published April 2024. Updates to our Our Approach and determinations regarding eligibility and categorization of transactions into different criteria, are overseen by an internal governance group.

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (“FRB”) from the Federal Deposit Insurance Corporation, as receiver. As of December 31, 2023, reported progress toward our SDT and/or any of its objectives does not include transactions executed by FRB prior to acquisition. Post-acquisition, transactions executed by JPMorgan Chase are counted toward our SDT.

On January 25, 2024, JPMorgan Chase announced new responsibilities for several key executives. As a result of these organizational changes, the Firm will be reorganizing its business segments to reflect the manner in which the segments will be managed. The reorganization of the business segments is expected to be effective in the second quarter of 2024.

1. JPMorgan Chase utilizes an operational control approach to establish boundaries for our greenhouse gas inventory. This includes owned and leased facilities for which we control the energy usage.
2. Scope 1, 2, and 3 emissions were verified for 2017–2022. Water consumption has been verified for 2018–2022. Other data has not been subject to external verification. Some sources of emissions have been analyzed and found to be deminimus as they account for less than 5% of emissions.
3. Scope 1 emissions include emissions from corporate air travel and owned vehicle fleet.
4. Emissions increase in 2022 is predominantly driven by continued improvements in data quality and availability.
5. Reduction over 2017 baseline
6. Includes Scope 1 and 2 (location-based) GHG emissions; mtCO 2 e/mmUSD revenue.
7. Scope 3 emissions include business travel (air, rail, car, and hotel stays for 2020, 2021, and 2022, air and rail travel in 2019, and only air travel in 2017 and 2018). Increase in Scope 3 business travel emissions in 2022 is predominantly driven by resumed travel post-COVID-19 pandemic.
8. Contractual instruments include applicable Energy Attribute Certificates (EACs), Renewable Energy Credits (RECs) from long-term renewable energy procurement agreements, renewable energy guarantees of origin (REGOs) and renewable supply contracts.