Energy Efficiency, GHG Emissions  -  January 4, 2023

JPMorgan Chase Sets Targets for Iron, Steel, Cement, Aviation Sectors

JPMorgan Chase expanded its goals to reduce emissions with targets for three additional sectors: iron & steel, cement and aviation.

The investment bank established 2030 portfolio-level emission reduction targets for three sectors initially in May 2021 - oil & gas, electric power and auto manufacturing.  

In December 2022, the investment bank expanded it to include the Iron & Steel sector with a 2030 target, which includes Scope 1 and 2 emissions which is 1.010 tons of carbon dioxide equivalent per ton of crude steel, according to its 2022 Climate Report. From a 2020 baseline of 1.454 tons of carbon dioxide equivalent per ton of crude steel, this implies a 31% reduction in carbon intensity by 2030. 

In the cement sector, which includes Scope 1 and 2 emissions, is 460 kilograms of carbon dioxide equivalent per ton of cementitious product. From a 2020 baseline of 647.8 kilograms of carbon dioxide equivalent per ton of cementitious product, this implies a 29% reduction in carbon intensity by 2030. 

In the aviation sector, which includes Scope 1 (tank-to-wake) emissions, is 625.0 grams of carbon dioxide per revenue ton kilometer. From a 2021 baseline of 972.6 grams of carbon dioxide per revenue ton kilometer, this implies a 36% reduction in carbon intensity by 2030. 

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