Coal, the world’s most-polluting energy source, remains popular among developing economies struggling to provide heat and electricity to their growing populations. Coal powers 36% of the world’s electricity generation, which is more than any other fuel, according to the International Energy Agency.
JPMorgan Chase & Co. is actively pursuing deals to finance the early shutdown of coal-fired power plants, joining a list of global banks that are rethinking their approach to handling the world’s dirtiest fossil fuel.
“We certainly have the appetite,” Andre Abadie, managing director of JPMorgan’s Centre for Carbon Transition, told Bloomberg. The bank is currently examining a number of viable projects, he said.
