JPMorgan Chase Announces Major New Environmental Policies(A)

After more than two years of negotiations with Trillium Asset Management and other shareholders, and after facing an aggressive campaign from the environmental group Rainforest Action Network, banking giant JPMorgan Chase unveiled a set of sweeping new environmental policies that govern the company’s global business activities. Under the new policies, the bank has adopted the Equator Principles, which apply World Bank environmental standards to financing of large projects like pipelines and dams financed by private banks. JPMorgan will apply the Equator Principles to projects that are $10 million or above in environmentally sensitive industries, exceeding the threshold of $50 million set by the Equator Principles. In addition, the new policies include strong provisions addressing climate change, sustainable forestry, the protection of critical natural habitats, illegal logging, and the needs and concerns of indigenous peoples. In a particularly notable development, JPMorgan Chase is publicly advocating the reduction of greenhouse gas emissions and has committed to lobbying for better U.S. policies to address this key issue. In announcing the policy, JPMorgan Chase noted that it had carefully considered the viewpoints of Trillium Asset Management and other shareholders, and we expect to continue meeting with senior management to promote strong and effective implementation of the new policies.