JPMorgan forms new team in commercial banking unit as part of green push

(Reuters) – JPMorgan Chase & Co said on Thursday it has created a new team of bankers, who will work with companies that produce environmental-friendly goods and services.

As part of the move, JPMorgan’s commercial banking division named Brian Lehman as the head of the ‘Green Economy’ team, the bank said in a statement.

The new unit will support companies that focus on environmental conservation, and initially target on four sectors – renewable energy, efficiency technology, sustainable finance, and agriculture and food technology.

Lehman, who was most recently the head of diversified financials team within the commercial bank’s financial institutions group, has more than 20 years of experience in sustainable finance.

The COVID-19 pandemic has caused a surge in interest in companies that perform well on environmental, social and governance (ESG) targets.

Last year, JPMorgan had committed $200 billion to facilitate transactions that support climate action and sustainable development.

In March, Citigroup Inc announced a new investment banking unit that will push for environmental sustainability. The unit will include the franchises for chemicals, energy and power.

Larry Fink, the chief executive officer of BlackRock Inc, the world’s largest asset manager, called for more disclosure requirements from private companies in sustainability measures on Wednesday.

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