Feb. 25 (UPI) -- Wall Street investment bank JPMorgan Chase told investors Tuesday it will take a number of new environmentally conscious steps intended to phase out fossil fuels and mitigate climate change.
The bank acknowledged in presentations for its annual investor day it plans to facilitate $200 billion in economic and environmental deals this year. It also pledged to stop lending money to the coal mining industry and phase out "credit exposure" to the industry within five years.
The amount JPMorgan pledged Tuesday is up from the $175 billion it promised last year.
The bank said the funding will advance the objective of the United Nations Sustainable Development Goals, and add $50 billion toward green initiatives that also fulfill a 2017 goal.
Green financing includes funding to mitigate and counter climate change and support clean water and waste management and renewable energy goals.
JP Morgan said it will also stop financing new oil and gas development in the Arctic.