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

Banks must work together with clients to help transition

Anna Fedorova
clock • 2 min read

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 "...

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