JPMorgan’s asset arm creates new team to focus on sustainable investing

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Jan 24 (Reuters) – The asset management arm of JPMorgan Chase & Co (JPM.N) said on Monday it had created a new private equity team to focus on sustainable investments, the bank’s latest move. align its activities with its climate change commitments.

With an investment of up to $150 million, the team will target growth-stage private companies that are developing solutions related to climate adaptation and resource efficiency for various industries.

The bank said it has hired Tanya Barnes, who previously ran impact investing platform Blackstone Inc (BX.N), to co-manage the new team with Osei Van Horne.

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Horne has led JP Morgan Asset Management’s climate-focused growth equity investment practice since May last year.

Major U.S. financial and other institutions have stepped up efforts on their environmental, social, and governance (ESG) businesses as pressure from global regulators intensifies with growing concerns about on climate change and corporate governance.

Blackstone, the world’s largest alternative asset manager, announced last week that it had launched a platform for investing and lending to renewable energy companies.

Last year, JPMorgan set mid-term carbon reduction targets for its clients in sectors including power, automotive, oil and gas.

It had also said it aimed to lend, invest and provide other financial services for up to $2.5 trillion in banking activities to be carried out for businesses and projects tackling climate change and inequality. social over the next decade. Read more

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Reporting by Sohini Podder in Bangalore; Edited by Ramakrishnan M.

Our standards: The Thomson Reuters Trust Principles.

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