Page 28 - IMDR JOURNAL 22-23

IMDR’s Journal of Management Development and Research 2022-23

wealth gap and increase economic mobility in the United States. Since the fund's inception last January,
they have invested in 13 companies, the majority of which were founded by women and/or minorities.
They remain the largest affordable housing development lender in the United States, providing $7
billion in loans for affordable housing projects in the United States in 2020.

J.P. MORGAN AND CHASE

JPMorgan Chase & Co., headquartered in New York City and incorporated in Delaware, is an
American multinational investment bank and financial services holding company. With total assets of
US$3.954 trillion as of 2022, JPMorgan Chase is the largest bank in the United States, the world's
largest bank by market capitalization, and the fifth largest bank in the world in terms of total assets.
JPMorgan Chase is also ranked 24th on the Fortune 500 list of the largest US corporations by total
revenue. J.P. Morgan Chase set a goal of financing and facilitating more than $2.5 trillion in long-term
solutions to climate change and sustainable development over 10 years, from 2021 to the end of 2030.
The Firm financed and facilitated approximately $285 billion toward Target in 2021. Across our three
goals, 41% was allocated to development finance, 37% to green, and 22% to community development.

SUSTAINABLE FINANCE IN INDIA:

India is attempting to strengthen the climate consistency of its financial system. The Indian government
is also taking steps to change its focus on the long-term growth of the country through sustainable
finance. As a result, many financial players are looking at peer learning possibilities both globally and
domestically. For example, the Indian Ministry of Finance is a founding member of the International
Sustainable Finance Platform (European Commission, 2019); the Reserve Bank of India has recently
become a member of the Network of Central Banks and Supervisors for Greening the Financial System
(NGFS, 2019).
The Indian Banks' Association, which represents nearly 250 banks, is also a member of the Sustainable
Banking Initiative. and the Financial Network (IFC, 2012).
Over the last few decades, India has emerged as an important destination for investors seeking assets
that are aligned with the SDGs (SDGs). However, the integration of environmental, social, and
governance (ESG) factors is still in its infancy. The COVID-19 pandemic has highlighted yet again
why sustainable practices must be at the heart of both economic practice and financial thinking, not
least in terms of the importance of setting high social standards in corporate India and beyond.
However, India is particularly vulnerable to worsening climate change, and responding to this threat
will necessitate unprecedented financial flows.
According to one estimate, India's goals for urban sustainability and renewable energy by 2040 will
require US$4.5 trillion. This dwarfs India's fiscal capacity: the country's annual budgeted expenditure
on all sectors is around $300 billion. Due to limited public resources, private finance will have to play a
significant role. As a result, the Indian government believes that climate change-related financial risks
pose both micro and macro-prudential concerns.
Various regulatory bodies in India have launched various sustainability finance initiatives to address
these issues.

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