After releasing emissions tied to its finance and deal-making targets for oil and gas, electric power and autos in 2021, leading US bank JPMorgan Chase has set out targets to cut emissions in the iron and steel, cement and aviation sectors meaning the bank has now set plans to reduce emissions from all of the sectors most responsible for climate-damaging carbon emissions. The bank said all the targets were in line with the International Energy Agency’s net zero emissions scenario. For iron and steel which accounts for USD 3.9 billion tonne exposure, the bank said it aims to cut emissions per tonne of crude steel produced by 31% by 2030 or 1.010 tonnes Co2 per tonne of crude steel by 2030 from 1.454 tonnes Co2 per tonne of crude steel – in base year 2020 JPMorgan Chase said “We focus on GHG emissions associated with crude steel production (Scopes 1 and 2), which captures emissions and activity from both primary and secondary steelmaking processes and accounts for approximately 97% of total value chain emissions for the sector. This enables us to account for variations in the emissions profiles of different steelmaking processes while also concentrating on the full range of decarbonization strategies for the sector, including electrification, increasing scrap recycling, using lower- carbon energy inputs such as biomass or hydrogen, and deploying carbon capture, use and storage technologies.”
After releasing emissions tied to its finance and deal-making targets for oil and gas, electric power and autos in 2021, leading US bank JPMorgan Chase has set out targets to cut emissions in the iron and steel, cement and aviation sectors meaning the bank has now set plans to reduce emissions from all of the sectors most responsible for climate-damaging carbon emissions. The bank said all the targets were in line with the International Energy Agency’s net zero emissions scenario. For iron and steel which accounts for USD 3.9 billion tonne exposure, the bank said it aims to cut emissions per tonne of crude steel produced by 31% by 2030 or 1.010 tonnes Co2 per tonne of crude steel by 2030 from 1.454 tonnes Co2 per tonne of crude steel – in base year 2020 JPMorgan Chase said “We focus on GHG emissions associated with crude steel production (Scopes 1 and 2), which captures emissions and activity from both primary and secondary steelmaking processes and accounts for approximately 97% of total value chain emissions for the sector. This enables us to account for variations in the emissions profiles of different steelmaking processes while also concentrating on the full range of decarbonization strategies for the sector, including electrification, increasing scrap recycling, using lower- carbon energy inputs such as biomass or hydrogen, and deploying carbon capture, use and storage technologies.”
