locate an office

offices near you

office near you

Sustainable Investing

3 key takeaways for investors post COP27

Nov 29, 2022

At COP27, from 6 - 18 November 2022, more than 35,000 delegates came together in Sharm El Sheikh, Egypt, to take collective action against climate change. Set against the challenging geopolitical background, delegates had to balance the demands of the energy transition, energy independence and cost of living. Overall the sentiment was that the progress to “phase down” fossil fuels has been insufficient to limit global temperature rise to 1.5⁰C. Nonetheless, having been dubbed the “implementation COP”, the focus was on how to finance, implement and achieve countries commitments.

Our three main takeaways are:

  1. Commitments remain well-off track to achieving 1.5°C but key emitting countries updated their pledges.
  2. Real progress on funding a “just energy transition” was made, including a breakthrough agreement on a new “Loss and Damage” fund for vulnerable countries.
  3. Progress on climate adaptation was made, with governments agreeing to advance the Global Goal of Adaptation. 

See what this means for you as a potential investor.

1. Commitments remain well-off track to achieving 1.5°C but key emitting countries updated their pledges.

We are on a highway to climate hell with our foot on the accelerator.

Last year at COP26 in Glasgow, countries agreed to focus on limiting global warming to 1.5°C above pre-industrial levels. Their commitments to cut greenhouse gas emissions were too weak to achieve this but they agreed to return this year to strengthen them. While 24 countries did, 170 did not1. Policies currently in place point to a 2.8°C temperature rise by the end of the century, with implementation of current pledges only reducing this to a 2.4°C – 2.6°C temperature rise.2

On the bright side, in the run up and during COP27 we saw key emitting countries update their commitments: 

  • Indonesia (1.5% of global carbon emissions3), top coal exporter in the world, brought forward its net zero emissions target to 2060.
  • Brazil’s (1.3% of global carbon emissions3) President-elect Lula da Silva pledged to reverse Bolsonaro’s plans to increase its greenhouse gas emissions. 
  • Australia (1.2% of global carbon emissions3) passed a Climate Change Bill to deliver a 43% reduction in greenhouse gas emissions from 2005 levels by 2030, and net zero by 2050.
  • Whilst the United States (14.02% of global carbon emissions3) did not increase its commitment, it signed the Inflation Reduction Act to reduce carbon emissions by 40% compared to 2005 levels by 2030.

Investment thought: Despite the challenged macro environment, countries maintained their ambitions to reduce greenhouse gas emissions. The disappointing decision not to broadly raise targets highlights the fact that the world continues to rely on fossil fuels for 83% of energy consumption and even the most ambitious transition plans will still require hydrocarbon use over the short term.4 We therefore expect to see a simultaneous boom in both traditional and clean energy over the coming years.

2. Real progress on funding a “just energy transition” was made, including a breakthrough agreement on a new “Loss and Damage” fund for vulnerable countries.

The US, Europe, and China are responsible for just over 50% of all historical greenhouse gas emissions since 1850.5 Yet, the most severe impacts of climate change are disproportionately felt by poorer nations. Pakistan contributes less than 1% of the global greenhouse gas emissions but faces estimated costs greater than US $30 billion in damages from to repair this year’s flooding.6

Figure 1 : Stacked world historical GHG emissions, the US represents 22%, Europe 16% and China 13% of historical greenhouse gas emissions vs. preindustrial levels.

Source: WRI / PIK; Location: World; Sectors/Subsectors: Total excluding LULUCF; Gases: KYOTOGHG; Calculation: Total; Show data by Countries.

COP27 seized the opportunity to advance environmental justice and change the rhetoric of the debate to “who must pay, for what”.

Sunday morning, after two weeks of negotiations and previous decades of debates, governments agreed to establish a new dedicated fund to assist developing countries in responding to loss and damage. To put simply, compensation or reparations for climate related damages caused by extreme weather events. The materiality of the fund remains in progress, no sums of money were committed, and decisions on how the fund will work have been left to next year’s COP28.

A new Just Energy Transition Partnership (JETP) funding deal was also announced, where the US and other developed countries will work with Indonesia to mobilise USD $20 billion over the next 3 to 5 years to accelerate the transition from coal toward a cleaner energy future. The partnership model was based on South Africa’s USD $8.5 billion JETP which was first announced at COP26 and further developed into a five-year investment plan this year.7

Investment thought: Agreement for a "Loss and Damage" Fund and new JETP partnerships mark significant positive developments for environmental justice. While the terms of "Loss and Damage" are yet to be decided, the JETP partnerships will be mobilised through public and private partnership and the IEA has stated that it will act as a positive tailwind to scale up renewable power, such as solar, wind, hydro, geothermal and bioenergy.8

3. Progress on climate adaptation was made, with governments agreeing to advance the Global Goal of Adaptation. 

2022 has been another year on record for extreme weather events: deadly heatwaves occurred in India and Pakistan, temperatures reached 40°C above normal in parts of Antarctica9, and severe flooding impacted South Africa, Brazil, Bangladesh and Pakistan.

As the number of people impacted by climate change increases, countries are being forced to prioritise investing in adaptation. The Standing Committee on Finance (SCF) report highlights that while mitigation constitutes the largest share of climate specific financial support, the share of adaptation finance continues to increase and grew at the fastest rate.10

Figure 2: Climate Finance split by theme

Source: OECD

The Global Goal of Adaptation was established under the Paris Agreement with the aim to build adaptive capacity, strengthen resilience and reduce vulnerability. COP27 saw positive progress towards the goal - new pledges totalling more than USD $230 million were made to the Adaptation Fund, the Sharm el-Sheikh Adaptation Agenda to enhance resilience of vulnerable populations was launched, and the SCF was requested to report on doubling adaptation finance for consideration at COP28 next year.11

One area of particular focus was Food Security. While food systems account for a third of greenhouse gas emissions, they only account for 3% of climate finance.12 Recognising the importance of this, a whole day was dedicated to “Adaptation and Agriculture”. 13 countries have now endorsed the Agriculture Breakthrough which aims to make climate-resilient, sustainable agriculture the most widely adopted option by 2030. Additionally, a USD $8 billion R&D fund, led by the US and the UAE, was announced to reduce the environmental impact of farming.13

Investment thought: Earlier this year when launching the IPCC 2022 report, UN Secretary-General António Guterres said “as climate impacts worsen – and they will – scaling up investments will be essential for survival. Adaptation and mitigation must be pursued with equal force and urgency.” COP27 showed the increased attention countries are now paying to adaptation. Going forward we anticipate seeing increased investments in enhancing water efficiencies, adapting the built environment, and reinventing food and agriculture. In particular, we expect innovations in alternative food supplies, vertical farming and micro irrigation to create robust opportunities for investors.

Piecing it all together

While progress to limit global temperature rise to 1.5⁰C was weaker than anticipated, there is hope that COP27 provided the first of many. The first COP to be hosted in Africa, agree on a new "Loss and Damage" fund and dedicate a day to “Adaptation and Agriculture”. We believe that this urgency for action and momentum to transition provides investors with secular growing opportunities to mitigate and adapt to climate change, as well as the need to account for climate-related risks.

Private sector investments are vital to achieving countries’ transition ambitions and the financial services sector plays an important role in firstly managing the sector’s current impact on emissions and secondly exploring how the sector can fund the transition to Net Zero. The commitment to these objectives will support financial flows into Sustainable Investment Assets, as evidenced by a Morningstar report released during COP27, the number of climate-themed funds continues to grow as investors seek more options to leverage opportunities.14 J.P. Morgan Private Bank offer clients a range of investment opportunities that are aligned to “Reduce, Remove, Retrofit” and achieve a just, clean energy transition:

Figure 3: Each of the three Rs offers investors a range of potential opportunities

Source: J.P. Morgan, data as of November 2022.
This chart details the three R's to climate investing approaches and how they work. Reduce, Remove and Retrofit. Reduce is made up of three categories: energy supply decarbonization, energy demand reduction and process transformation. Removal consists of natural carbon sequestration and mechanical carbon removal. And retrofit contains water efficiency/enhancement, food/agriculture reinvention and adapting the built environment..

Contact your J.P. Morgan team to learn more about the wide spectrum of climate-related investment opportunities and their potential to align with your financial and sustainable goals.

 

1 World Resources Institute, Where Do We Stand on COP26 Climate Promise? A Progress Report, 13th October 2022

2 UN Environment Programme, Emissions Gap Report 2022, 27th October 2022

3 worldometers, CO2 Emissions by Country.  

4 Michael Cembalest, 2022 Annual Energy Paper, 2022

5 ClimateWatch, Historical GHG Emissions

6 TheEconomist, ‘How Pakistan emerged as a climate champion’, November 2022

7 GOV.UK, Indonesia Just Energy Transition Partnership Launched at G20, November 2022

8 IEA, “IEA welcomes Indonesia’s Just Energy Transition Partnership as key step forward for international cooperation on energy and climate”, November 2022

9 Guardian, Extremes of 40C above normal: what’s causing ‘extraordinary’ heating in polar regions?, March 2022

10 UNFCCC, Standing Committee on Finance, 2022 

11 UNFCC, COP27 Reaches Breakthrough Agreement on New “Loss and Damage” Fund for Vulnerable Countries, 20 November 2022.

12 Global Alliance for the Future of Food, “Untapped Opportunities: Climate Financing for Food Systems Transformation”, 2022

13 Bloomberg, Green Farming Gets $8 Billion Boost at UN Climate Summit”, November 2022.

14 Morningstar, “As COP27 Focuses on Financing Climate Transition, Options for Climate Fund Investors Widen, November 2022

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 

*Required Fields

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 

Enter your First Name

> or < are not allowed

Only 40 characters allowed

Enter your Last Name

> or < are not allowed

Only 40 characters allowed

Select your country of residence

Enter valid street address

> or < are not allowed

Only 150 characters allowed

Enter your city

> or < are not allowed

Only 35 characters allowed

Select your state

> or < are not allowed

Enter your ZIP code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Enter your postal code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Enter your phone number

Tell Us More About You

0/1000

Only 1000 characters allowed

> or < are not allowed

Checkbox is not selected

Your Recent History

Important Information

IMPORTANT INFORMATION

The information presented is not intended to be making value judgments on the preferred outcome of any government decision.

KEY RISKS.

Sustainable investing (“SI”) and investment approaches that incorporate environmental social and governance (“ESG”) objectives may include additional risks. SI strategies, including ESG SMAs, mutual funds and ETFs, may limit the types and number of investment opportunities and, as a result, could underperform other strategies that do not have an ESG or sustainable focus. Certain strategies focused on particular sectors may be more concentrated in particular industries that share common factors and can be subject to similar business risks and regulatory burdens. Investing on the basis of sustainability/ESG criteria can involve qualitative and subjective analysis and there can be no assurance that the methodology utilized, or determinations made, by the investment manager will align with the beliefs or values of the investor. Investment managers can have different approaches to ESG or sustainable investing and can offer strategies that differ from the strategies offered by other investment managers with respect to the same theme or topic. ESG or sustainable investing is not a uniformly defined concept and scores or ratings may vary across data providers that use similar or different screens based on their process for evaluating ESG characteristics. Additionally, when evaluating investments, an investment manager is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the manager to incorrectly assess an investment’s ESG/ SI performance.

In making investment decisions, J.P. Morgan will use data and information, including but not limited to, industry classifications, industry grouping, ratings, scores, and issuer screening provided by a third party data provider and such data and information will not have been validated by J.P. Morgan and could be incomplete or erroneous. ESG or sustainable investing is not a uniformly defined concept and scores or ratings may vary across data providers that use similar or different screens based on their process for evaluating ESG characteristics. The companies selected as demonstrating positive ESG characteristics may not be the same companies selected by other investment managers that use similar ESG screens or methodologies. In addition, companies selected might not exhibit positive or favorable ESG characteristics. Sustainable investing practices differ by asset class, country, region, and industry and are constantly evolving, and a company’s sustainable investing practices and J.P. Morgan’s assessment of such practices can change over time.

J.P. Morgan takes a global approach to sustainable investing and the solutions offered through our sustainable investing platform meet our internally defined criteria for a sustainable investment. The evolving nature of sustainable finance regulations and the development of jurisdiction-specific legislation setting out the regulatory criteria for a “sustainable investment” or “ESG” investment mean that there is likely to be a degree of divergence as to the regulatory meaning of such terms. This is already the case in the European Union where, for example, under the Sustainable Finance Disclosure Regulation (EU) (2019/2088) certain criteria must be satisfied in order for a product to be classified as a “sustainable investment”. Any references to “sustainable investing”, “SI” or “ESG” in this material are intended as references to our internally defined criteria only and not to any jurisdiction-specific regulatory definition.

Investments in commodities may have greater volatility than investments in traditional securities. The value of commodities may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in commodities creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.

This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations.

Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

LEGAL ENTITY, BRAND & REGULATORY INFORMATION

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE – Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE – London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE – Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI - 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE – Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE – Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE – Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In France, this material is distributed by JPMorgan Chase Bank, N.A. Paris Branch, registered office at 14,Place Vendome, Paris 75001, France, registered at the Registry of the Commercial Court of Paris under number 712 041 334 and licensed by the Autorité de contrôle prudentiel et de resolution (ACPR) and supervised by the ACPR and the Autorité des Marchés Financiers. In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorised and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.

J.P. Morgan (Suisse) SA, with registered address at rue de la Confédération, 8, 1211, Geneva, Switzerland, which is authorised and supervised by the Swiss Financial Market Supervisory Authority (FINMA), as a bank and a securities dealer in Switzerland. 

This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).

In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A. is a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission—CVM is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.

References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team. 

© 2022 JPMorgan Chase & Co. All rights reserved.

JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

This material has not been prepared specifically for Australian investors. It:

  • May contain references to dollar amounts which are not Australian dollars;
  • May contain financial information which is not prepared in accordance with Australian law or practices;
  • May not address risks associated with investment in foreign currency denominated investments; and
  • Does not address Australian tax issues.

LEARN MORE About Our Firm and Investment Professionals Through FINRA Brokercheck

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Please read the Legal Disclaimer in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Equal Housing Lender Icon Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC. Not a commitment to lend. All extensions of credit are subject to credit approval.