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News round-up: JP Morgan and Citi boost sustainable financing targets, DBS plots coal exit, Shell signs carbon credit deal

JP Morgan Chase given bloody nose by climate resolution

JP Morgan Chase experienced a significant revolt from investors against its climate change position after nearly half voted in support of a shareholder resolution urging the US bank to align its financing to the Paris Agreement.

JP Morgan to cease lending to coal companies

JP Morgan Chase will stop providing lending, capital markets or advisory services to companies deriving the majority of their revenues from the extraction of coal, and by 2024 will phase out any remaining credit exposure to such companies.