Sustainable Festival: Chuka Umunna warns of 'huge gap' in funding to achieve net zero transition

Banks must work together with clients to help transition

Chuka Umunna, managing director and head of EMEA ESG at J.P. Morgan and former MP, has spoken out against the argument of divesting from coal as a “simple solution” to the climate crisis, arguing this tactic is “nonsense and will be counterproductive”.

Speaking at the Sustainable Investment Festival, Umunna noted there is a huge gap between the funding needed to help the transition to net zero and the amount pledged by global governments. Even in the European Union, which is a leader in climate mitigation policies, he points out that just €1.8trn has been pledged between now and 2027 to help the transition, while some €11.2trn is needed for Europe to meet its climate and energy goals by 2030, according to the EU Capital Markets Institute. Umunna said that J.P. Morgan is "determined to play [its] part", as he believes the bank sits "...