JPMorgan to avoid financing coal projects

Wall Street banking giant JPMorgan Chase said Monday that it would avoid financing new coal projects in advanced economies due to their contribution to global warming.

The bank's official Environmental and Social Policy Framework drew a line against supporting new or "greenfield" coal mines in high income countries, or new coal-fired power plants. The Framework also said it will cut back credit support to coal mining companies over the medium term and only back new coal plants in lower-income countries that employ "ultra-supercritical steam generation technology."

The bank also set tough policies on lending that might involve forestry, exploitation of the Arctic, and said it would try to commit more financial support to protecting natural ecosystems.