Sustainability Initiatives

Progress on Net Zero-Aligned Targets table has been updated as of December 31, 2023. The table includes each sector for which we have set net zero-aligned targets; the emissions scope(s) included in the boundary of the target; the unit of measurement; the baseline year; the portfolio carbon intensity baseline; the 2030 target number (both as an output-based carbon intensity figure  and as a percentage reduction from baseline); the portfolio carbon intensity as of December 31, 2023; and the percentage change in portfolio carbon intensity from the baseline figure. To calculate portfolio baseline carbon intensities, we use client carbon intensity data for the baseline year and exposure data from the following year, except for the Aviation sector, where the baseline year and exposure year are the same (2021). Our targets are based on data and scenario projections available as of September 2023. Future updates to the IEA NZE scenario and/or other inputs — for example, changes in global emissions, available technologies or economic conditions — may result in changes to the projected emissions trajectories, and we may therefore update our targets for these sectors. We monitor these changes, as well as improved visibility, quality or availability of data, and assess the need to revise our baselines and targets as appropriate. We revised baselines for the Shipping and Aluminum sectors this year.

For the Energy Mix target, our 2030 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, 2023, our Energy Mix portfolio carbon intensity was 34.8 grams of CO2 per megajoule, which is a 24.1% decrease from our 2019 portfolio baseline.

For the Oil & Gas Operational sector, our 2030 net zero-aligned target, which includes Scopes 1 and 2 emissions, is a 45% reduction in operational carbon intensity from the 2019 portfolio baseline of 4.9 grams of CO2 equivalent per megajoule. As of December 31, 2023, our Oil & Gas Operational portfolio carbon intensity was 4.7 grams of CO2 equivalent per megajoule, which is a 4.0% decrease from our 2019 portfolio baseline.

For the Electric Power sector, our 2030 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 2019 portfolio baseline of 342.6 kilograms of CO2 per megawatt-hour. As of December 31, 2023, our Electric Power portfolio carbon intensity was 268.8 kilograms of CO2 per megawatt-hour, which is a 21.5% decrease from our 2019 portfolio baseline.

For the Auto Manufacturing sector, our 2030 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 2019 portfolio baseline of 164.8 grams of CO2 equivalent per kilometer. As of December 31, 2023, our Auto Manufacturing portfolio carbon intensity was 126.4 grams of CO2 equivalent per kilometer, which is a 23.3% decrease from our 2019 portfolio baseline.

For the Aviation sector, our 2030 net zero-aligned target is to reduce Scope 1 (tank-to-wake) emissions carbon intensity to 625.0 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, 2023, our Aviation portfolio carbon intensity was 808.0 grams of CO2 per revenue ton kilometer, which is a 16.9% decrease from our 2021 portfolio baseline.

For the Shipping sector, our 2030 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 26% reduction from the revised 2021 portfolio baseline of 11.4 grams of CO2 equivalent per metric ton nautical mile. The revised 2021 portfolio baseline for Shipping is 11.4 g CO2 per metric ton nautical mile from previously disclosed 12.5 g CO2 per metric ton nautical mile . As of December 31, 2023, our Shipping portfolio carbon intensity was 11.9 grams of CO2 equivalent per metric ton nautical mile, which is a 4.9% increase from our revised 2021 portfolio baseline.

For the Iron & Steel sector, our 2030 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 2020 portfolio baseline of 1.412 metric ton of CO2 equivalent per metric ton of crude steel. As of December 31, 2023, our Iron & Steel portfolio carbon intensity was 1.390 metric ton of CO2 equivalent per metric ton of crude steel, which is a 1.5% decrease from our 2020 portfolio baseline.

For the Cement sector, our 2030 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 2020 portfolio baseline of 639.3 kilograms of CO2 equivalent per metric ton of cementitious product. As of December 31, 2023, our Cement portfolio carbon intensity was 634.6 kilograms of CO2 equivalent per metric ton of cementitious product, which is a 0.7% decrease from our 2020 portfolio baseline.

For the Aluminum sector, our 2030 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 24% reduction from the revised 2021 portfolio baseline of 8.6 metric tons of CO2 equivalent per metric ton of aluminum. The revised 2021 portfolio baseline for Aluminum is 8.6 g CO2 per metric ton of aluminum from previously disclosed 8.7 g CO2 per metric ton of aluminum. As of December 31, 2023, our Aluminum portfolio carbon intensity was 8.8 metric tons of CO2 equivalent per metric ton of aluminum, which is a 2.2% increase from our revised 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.

The 2023 Environmental Data table provides an overview of JPMorganChase's operational greenhouse gas (“GHG”) emissions and electric power usage for 2023¹ and 2017² as baseline year.

Scope 1 GHG emissions, which include direct emissions from sources such as natural gas, propane, fuel oil, jet fuel, fugitive emissions, diesel, fleet⁴, and other energy use⁵, increased to 115,294 mtCO2e³ from 84,463 mtCO2e in the 2017 baseline.

Scope 2 GHG emissions (location-based), which are indirect emissions from purchased electricity and steam, district heat, and chilled water, decreased to 792,479 mtCO2e³ from 944,641 mtCO2e in the 2017 baseline.  

Combined Scope 1 and Scope 2 (location-based) GHG emissions totaled 907,773 mtCO2e in 2023, a 12% reduction from the 2017 baseline. Our target is to reduce Scope 1 and Scope 2 (location-based) GHG emissions by 40% by 2030 from the 2017 baseline.

GHG emissions intensity⁶ for 2023 was 5.7 mtCO2e/million USD revenue, down from 10.3 mtCO2e/million USD revenue in 2017.

Scope 2 GHG emissions (market-based), which are indirect emissions from purchased electricity and steam, district heat, and chilled water, decreased to 3,642 mtCO2e³ from 858,769 mtCO2e in 2017.

Scope 3 GHG emissions (category 6 – business travel)⁷ increased to 255,481 mtCO2e³ in 2023 from 187,713 mtCO2e in the 2017 baseline.  

The combined Scope 1, Scope 2 (market-based), and Scope 3 (category 6 – business travel) GHG emissions for 2023 was 374,417 mtCO2e³.

The Firm purchased 374,417 mtCO2e³ of verified carbon offsets⁸ to address unabated emissions.

In 2023, purchased electricity decreased to 2,016,262 MWh³ from 2,154,995 MWh in the 2017 baseline.

In 2023, on-site solar electricity production increased to 47,443 MWh from 2,598 MWh in 2017.

The percentage of total electric power needs met with on-site generation and long-term renewable electricity contracts was 36% in 2023. Our target is to satisfy at least 70% of our renewable electricity goal with on-site renewable electricity and off-site long-term renewable electricity contracts by 2025.⁹

Purchased renewable electricity¹⁰ increased to 2,016,262 MWh³ from 200,000 MWh, combined with our on-site electricity production, resulted in 100% of electric power use from renewable sources, up from 9% in the 2017 baseline.

Footnotes:

1. For 2023, we have updated the methodology we use to estimate our operational GHG emissions.
2. Data for 2017 has not been subject to external verification and may be revised. Restatement of our 2017 baseline using our updated methodology resulted in a 1.2% increase in the combined total of our Scope 1, Scope 2 (Location-Based) and Scope 3 (Category 6 - business travel) GHG Emissions compared to the previously reported baseline.
3. We engaged an external third-party to perform a limited assurance engagement over these metrics presented for 2023.
4. For 2017, emissions from fleet were not updated to the current methodology due to data limitations. Total emissions from fleet accounted for approximately 0.06% of the overall Scope 1 GHG emissions and 0.005% of the overall Scope 1 and Scope 2 (location-based) GHG emissions for 2017.
5. Includes heavy fuel oils, anthracite coal, biofuels and waste.
6. Includes Scope 1 and Scope 2 (location-based) GHG emissions; mtCO2e/million USD revenue.
7. For 2023, Scope 3 (Category 6 - business travel) includes: air and rail travel, car rental, ride share, expensed mileage and hotel stays. For 2017, Scope 3 (Category 6 - business travel) includes only air travel data. Due to data limitations, and to align with our updated emissions methodology, we applied the percentage breakdown of haul distances and cabin classes from 2023 air travel data as a proxy to calculate 2017 air travel emissions.
8. Carbon offsets, also referred to as “carbon credits,” and the market for them are evolving rapidly. Although we endeavor to source high-quality carbon credits verified by independent third parties, the ability to use carbon credits to fully and permanently address unabated emissions relies on certain assumptions and is subject to debate among experts.
9. Tracking began in 2021.
10. Purchased renewable electricity from unbundled energy attribute certificates, contractual instruments which included long-term power purchase agreements, virtual power purchase agreements and renewable supply contracts.