Climate Change Data

Environmental Metrics

ESG Focus Areas

• Supporting Small Business Development
• Developing Local Economies and Communities
• Honoring U.S. Military and Veterans
• Strengthening Financial Capability
• Promoting Sustainable Investment
• Increasing Transparency with Stakeholders

Environmental Achievements

• Underwrote more than $2.2 billion in green bonds

Social Achievements

• Launched Small Business Forward, a $30 million, five-year commitment to support small business clusters
• Provided $19 billion in new credit to U.S. small businesses
• Provided $2.6 billion to low- and moderate-income communities
• Implemented the first year of the firm’s $250 million, five-year initiative to strengthen local workforce systems globally
• Committed $100 million over five years to accelerate Detroit’s economic recovery
• Hired more than 8,200 veterans since 2011
• Deployed the first $8 million of our $20 million, five-year commitment to help U.S. military veterans develop job skills, complete college and find stable housing
• Launched the Financial Solutions Lab, a $30 million initiative to identify promising innovations to help Americans increase savings, improve credit and build assets
• Committed $35 million over two years to support and expand proven financial capability programs with nonprofits globally

Governance Achievements

• Published “How We Do Business – The Report,” which describes the company’s business practices and standards and details investments to strengthen our control environment
• Released an Environmental and Social Policy Framework

Climate Goals & Targets

Environmental Challenges

• Millions of people around the world migrating to urban areas, strengthening local economies is essential to opening up access to opportunity
• Skills gaps in cities
• High unemployment rates in some communities
• Financial insecurity among low-income and underserved populations
• Climate change impacts on businesses and communities

Mitigation Strategies

• Working with local leaders to develop strategies that boost the economic vitality of cities
• Developing real-time, locally focused labor market data
• Supporting youth employment programs
• Launching New Skills at Work, a $250 million initiative to strengthen workforce development systems
• Launching the Financial Solutions Lab to identify and scale innovative solutions to consumer financial challenges
• Investing in funds promoting financial capability
• Underwriting green bonds
• Supporting clients that take a proactive and strategic approach to environmental risk management
• Raising capital for clients whose businesses provide solutions to climate change

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G3.1

Awards & Recognition

• VET Award
• Military Times EDGE Best for Vets Employer
• Most Valuable Employer for Military
• 25 Most Influential Employers for Veteran Hiring
• Best of the Best Veteran Friendly Companies
• Pillar of Justice award

Environmental Metrics

ESG Focus Areas

• Economic Opportunity
• Workforce Development
• Small Business Support
• Community Development

Social Achievements

• $1 billion deployed toward programs focused on expanding access to opportunity and advancing economic mobility around the world.
• $100 million investment in Detroit to help accelerate the city’s recovery.
• $30 million committed to help launch the Financial Solutions Lab.
• $75 million, five-year global initiative (New Skills for Youth) aimed at addressing the youth skills crisis.
• $30 million global initiative (Small Business Forward) supporting small businesses and entrepreneurs.

Climate Goals & Targets

Environmental Challenges

• Income and consumption volatility for many U.S. households.
• Skills gap between employer expectations and job applicant realities.
• Limited access to capital for underserved entrepreneurs.
• Youth unemployment and lack of postsecondary credentials.

Mitigation Strategies

• Financial Solutions Lab to develop technology-enabled tools to improve financial health.
• New Skills at Work initiative to connect employers, job seekers, and training providers.
• Small Business Forward initiative to provide flexible capital and technical assistance to underserved entrepreneurs.
• New Skills for Youth initiative to address the youth skills crisis.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Inclusive Growth
• Economic Opportunity
• Jobs and Skills
• Small Business Expansion
• Neighborhood Revitalization
• Financial Health

Social Achievements

• Launched AdvancingCities, a five-year, $500 million initiative to drive inclusive growth in cities.
• Launched Advancing Black Pathways to accelerate efforts to help black people chart stronger paths to economic success.
• Opened 400 new Chase branches, creating 3,000 new jobs and expanding lending and philanthropic commitments.
• Increased wages for U.S. hourly employees.
• In Detroit, unemployment rate decreased from 20% in 2013 to less than 9%, home values rose, and mortgage lending increased.
• In Detroit, 13,573 people participated in workforce programs, 1,632 units of affordable housing were created or preserved, 13,180 people received services to improve their financial health, 2,067 jobs were created or retained, and 4,387 small businesses received capital or technical assistance.
• In Chicago, 2,857 people participated in workforce programs, 176 units of housing were created or preserved, and 5,341 people received services to improve their financial health.
• In Greater Washington region, 590 units of affordable housing were created or preserved, 312 jobs were created or retained, and 722 small businesses received capital or technical assistance.
• Supported over 1,200 micro and small businesses, helped create more than 2,300 jobs, and provided over 2,500 young and long-term unemployed adults with technical training in Greater Paris.

Climate Goals & Targets

Environmental Challenges

• Economic inequality and disparity.
• Opportunity gap for black Americans.
• Challenges facing cities, including income disparity, climate change, gun violence, and homelessness.
• Barriers to traditional financing for minority, women, and veteran entrepreneurs.
• Lack of access to everyday goods and services in underserved neighborhoods.
• Affordable housing crisis in many cities.
• Impact of natural disasters on low-income communities.

Mitigation Strategies

• Strategic investments in jobs and skills, small business expansion, neighborhood revitalization, and financial health.
• Launch of Advancing Black Pathways initiative.
• Branch expansion to better serve customers and communities.
• Wage increases for employees.
• Public-private partnerships.
• Data-driven investments.
• Flexible capital to bridge the gap between philanthropic and market-rate capital.
• Support for community colleges and apprenticeship programs.
• Support for innovative financial products and services.
• Community engagement and collaboration.

Supply Chain Management

Responsible Procurement

• Supplier diversity program

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Awards & Recognition

• FORTUNE's World's Most Admired Companies list
• FORTUNE's Change the World list
• Chronicle of Philanthropy's Top 20 Corporate Givers list
• International Medical Corps' 2018 Global Citizen Award
• ENERGY STAR® Partner of the Year
• Black Enterprise's 50 Best Companies for Diversity list
• Military Times Best for Vets Employer list
• Association of Fundraising Professionals Greater Detroit Chapter's 2018 Outstanding Corporation Award

Environmental Metrics

ESG Focus Areas

• Promoting Sound Governance
• Serving Our Customers
• Investing in Our Employees
• Supporting Our Communities
• Advancing Sustainability

Environmental Achievements

• Reduced GHG emissions by 54% over 2005 baseline (market-based method)
• Offset 100% of GHG emissions from employee air and rail travel by purchasing VER credits
• Completed LED lighting retrofits at 4,300 branches and 50 commercial offices (up to 50% reduction in lighting energy consumption)
• Installed energy-efficient building management systems at 2,600 branches
• Purchased renewable energy equivalent to more than 10% of global annual electricity consumption
• Completed on-site solar installations at commercial offices

Social Achievements

• Originated over 1.1 million small business loans totaling $18.4 billion
• Extended approximately $4 billion in credit to women business owners (toward a $10 billion goal)
• Committed $150 million in philanthropic capital to help underserved entrepreneurs
• Increased wages for U.S. employees at the lower end of the pay scale by 10% on average
• Provided 16 weeks of fully paid parental leave for primary caregivers and increased paid leave for non-primary caregivers to six weeks
• Expanded fertility benefits and increased financial support for surrogacy
• Launched community resilience pilots in South Florida and Northern California

Governance Achievements

• 72% of shareholders voted in favor of executive compensation in 2019
• Enhanced disclosures on executive compensation
• Established the Disclosure Center of Excellence to ensure consistent use of disclosures
• Implemented a framework for unconscious bias and inclusion training for managers
• Updated Environmental and Social Policy Framework to expand restrictions on financing for coal and prohibit project financing for new oil and gas development in the Arctic

Climate Goals & Targets

Environmental Challenges

• Allegations of discrimination reported in the media
• Need to strengthen diversity recruitment efforts
• Need to expand diversity recruitment efforts to hire more diverse talent and to implement mandatory firmwide training
• Climate change risks

Mitigation Strategies

• Undertook a major effort to evaluate policies, procedures, and programs to ensure fairness
• Increased awareness about the firm's Diversity and Inclusion strategy
• Implemented mandatory firmwide training
• Created a dedicated risk team focused on climate
• Integrated climate-related risks into risk assessment processes
• Evaluating stress testing approaches to understand the relationship between climate change and financial impact

Supply Chain Management

Responsible Procurement

• Commitment to supplier diversity; spending over $2 billion annually with companies owned by historically underrepresented groups

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, SASB, TCFD

Environmental Metrics

ESG Focus Areas

• Developing financial solutions that drive action on climate change and generate other positive environmental impacts
• Managing environmental risks, including climate-related risks
• Minimizing the environmental impacts of our physical operations
• Partnering with organizations to advance sustainable development
• Acting in the best interest of our customers
• Addressing human rights-related risks
• Developing financial solutions that improve quality of life and generate other positive social impacts
• Expanding economic opportunity in the communities where we do business
• Investing in our human capital
• Promoting diversity, equity and inclusion
• Strengthening consumer financial health
• Cultivating a strong risk and control environment
• Fostering a culture of transparency and ethical behavior
• Maintaining effective Board leadership and management processes
• Participating in political engagement and public policy
• Safeguarding privacy and cybersecurity

Environmental Achievements

• Achieved carbon neutral operations in 2020
• Sourced renewable energy for 100% of global power needs in 2020
• Installed approximately 30 megawatts (MW) of solar capacity across 900 branches
• Completed construction of a 2 MW solar array at Bournemouth, England, campus

Social Achievements

• Created the new position of Global Head of Diversity, Equity & Inclusion
• Rolled out a new mandatory firmwide training program, You Belong Here, completed by over 250,000 employees
• Originated over 800,000 small business loans for a total of $30.3 billion
• Delivered $32 billion in loans to small businesses through the SBA’s Paycheck Protection Program
• Spent over $2 billion with businesses owned by minorities, women, veterans, and other underrepresented groups

Governance Achievements

• Maintained a strong combination of executive experience and skills aligned with our business and strategy on the Board of Directors
• Women held 44% of the seats on the Operating Committee as of Dec. 31, 2020
• Received recognition by the 2020 CPA-Zicklin Index of Corporate Political Disclosure and Accountability as a Trendsetter for the second year in a row

Climate Goals & Targets

Environmental Challenges

• Climate change and its potential impacts on clients, customers, and the firm
• Transition risks (policy changes, technological evolution, market preferences)
• Physical risks (acute weather events, chronic climate shifts)
• Cybersecurity threats
• Racial inequities exacerbated by the COVID-19 pandemic
• Financial challenges and hardship for customers due to the COVID-19 pandemic

Mitigation Strategies

• Developed an internal classification system to translate climate-related risk drivers into potential risks to the firm
• Updated the Environmental and Social Policy Framework to expand restrictions on financing for coal and introduce limitations for Arctic oil and gas development
• Implemented robust cybersecurity policies and standards
• Committed an additional $30 billion over five years to advance racial equity
• Provided payment assistance and fee waivers to customers affected by the COVID-19 pandemic

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Supplier Code of Conduct
• Minimum security and control standards for third-party vendors

Climate-Related Risks & Opportunities

Physical Risks

• Floods, cyclones, wildfires, sea level rise, water stress, temperature warming

Transition Risks

• Changes in energy and climate policy, financial regulation, shifts in consumer preferences

Opportunities

• Development of energy-efficient products and services
• Financing opportunities in renewable energy and clean technology

Reporting Standards

Frameworks Used: GRI, SASB, TCFD

Certifications: Null

Third-party Assurance: Third-party verification of Scope 1, 2, and 3 emissions and water consumption

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate change
• Racial equity
• Diversity, Equity & Inclusion
• Inclusive growth
• Corporate Governance

Environmental Achievements

• Reduced Scope 1 and 2 greenhouse gas emissions in global operations by approximately 15%
• Maintained carbon neutral operations for the second year in a row
• Financed and facilitated $106 billion in support of the green objective of the Sustainable Development Target

Social Achievements

• Deployed or committed more than $18 billion toward the five-year $30 billion Racial Equity Commitment
• Opened 10 new Community Center Branches
• Launched Morgan Health, a new business unit focused on improving the quality, efficiency and equity of employer-sponsored healthcare

Governance Achievements

• Established a robust governance process for the Sustainable Development Target
• Enhanced the Accountability Framework for evaluating senior leaders on DEI priorities
• Launched three new Diversity, Equity and Inclusion Centers of Excellence

Climate Goals & Targets

Environmental Challenges

• The world is not on track to achieve net-zero emissions by 2050
• Structural barriers in the U.S. have created profound racial inequities
• The U.S. healthcare system continues to fall short of meeting expectations

Mitigation Strategies

• Set portfolio-level emissions intensity reduction targets for three sectors
• Joined the Net Zero Banking Alliance and the Net Zero Asset Management initiative
• Leveraging resources to direct capital and expand opportunities for Black, Hispanic and Latino communities
• Launched Morgan Health to innovate and improve employer-sponsored healthcare

Supply Chain Management

Supplier Audits: Annual targeted surveys and attestations

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI, SASB

Third-party Assurance: PricewaterhouseCoopers LLP (for a specific green bond issuance)

Sustainable Products & Innovation

• Sustainable investment solutions
• Green bonds
• Social bonds

Awards & Recognition

• 2021 Top Corporations for Women's Business Enterprises
• Best employer list for people with disabilities
• JPMorgan Chase recognized as top LGBT+ workplace
• Best Companies for Latinos to Work 2021
• World's Most Admired Companies
• Top Companies 2021

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Achieved operational carbon neutrality for the third consecutive year
• Reduced Scope 1 and Scope 2 (location-based) GHG emissions by -14% from 2017 baseline in 2022
• Sourced renewable energy for 100% of global power needs annually
• Purchased over $200 million in high-quality, durable CDR in 2023 to remove and store approximately 800,000 metric tons of CO2e from the atmosphere

Social Achievements

• Launched Firmwide Environmental Committee (FEC) in 2022
• Established new Supplier Environmental Sustainability Guidelines in 2023
• Collaborated with a transportation supplier in Mumbai, India to upgrade commuter buses, leading to an estimated 34% reduction in annual GHG emissions

Governance Achievements

• Integrated climate risk considerations into existing risk management frameworks
• Established a dedicated Climate Risk team
• Expanded the focus of our “Oil & Gas End Use” target to “Energy Mix” target

Climate Goals & Targets

Environmental Challenges

• Data challenges in measuring emissions, including inconsistencies in measurement and reporting, data lags, and lack of data on emerging decarbonization technologies
• Balancing environmental goals with energy access, reliability, security, and affordability
• Navigating a fast-evolving and ambiguous regulatory and legal landscape on climate topics

Mitigation Strategies

• Investing in talent and improving data and technology resources to support the management of climate risks
• Developing the Carbon Assessment Framework (CAF) to assess clients' emissions and decarbonization plans
• Engaging with industry partners and NGOs to improve data quality and reliability
• Using a defined data waterfall approach to address data gaps

Supply Chain Management

Responsible Procurement

• Supplier Environmental Sustainability Guidelines

Climate-Related Risks & Opportunities

Physical Risks

• Increased frequency and severity of weather events
• Sea level rise
• Changing precipitation levels
• Increase in average ambient temperatures

Transition Risks

• Changes in public policy
• Adoption of new technologies
• Shifts in consumer preferences

Opportunities

• Mobilizing capital for climate action
• Scaling green solutions
• Providing climate-related solutions to clients and investors

Reporting Standards

Frameworks Used: TCFD

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental Sustainability
• Governance

Environmental Achievements

• Financed and facilitated $66 billion in support of its $1 trillion Green objective in 2023, bringing the cumulative total to $242 billion since 2021.
• Reduced Scope 1 and Scope 2 (location-based) GHG emissions by 12% from 2017 baseline.
• Sourced renewable electricity for 100% of its global electric power needs annually since 2020.
• Signed long-term agreements to purchase over $200 million in high-quality, durable carbon dioxide removal (CDR) to offset unabated Scope 1 emissions.

Social Achievements

• Not disclosed

Governance Achievements

• Integrated climate risk into the firmwide risk identification framework.
• Developed a Carbon Assessment Framework (CAF) to assess clients’ emissions and decarbonization plans.
• Set nine net zero-aligned targets for eight sectors aligned with the IEA Net Zero by 2050 scenario.

Climate Goals & Targets

Environmental Challenges

• Data limitations and lack of available decarbonization pathways in some sectors.
• Challenges in the timely availability of data inputs to calculate carbon intensity.
• Inconsistencies in the measurement, management, and reporting of emissions data in some sectors (e.g., methane emissions in Oil & Gas).

Mitigation Strategies

• Developed the CAF to assess clients' decarbonization plans and engage with them on emissions reduction.
• Investing in data and technology resources to improve data quality and availability.
• Working with industry partners and NGOs to improve direct measurement technologies for methane emissions.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Supplier Environmental Sustainability Guidelines (2023)

Climate-Related Risks & Opportunities

Physical Risks

• Floods
• Wildfires
• Tropical cyclones
• Sea level rise
• Changing precipitation levels
• Increased average ambient temperatures

Transition Risks

• Changes in public policy
• Adoption of new technologies
• Shifts in consumer preferences

Opportunities

• Financing of clean energy solutions
• Growth of green and sustainable markets

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: Third-party limited assurance engagement for 2023 operational GHG emissions and renewable electricity use.

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Green bonds
• Financing for renewable and clean energy

Awards & Recognition

• Not disclosed