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Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.

Driving the news: Timed to the company’s annual investor day on Tuesday, the announcement includes many parts — though restriction of fossil-fuel financing is potentially the most impactful.

  • The bank is prohibiting all kinds of direct financing worldwide for new or existing coal plants, unless the plants use technology to capture carbon dioxide emissions (which remains prohibitively expensive in most instances).
  • Earlier policies said the company wouldn’t finance coal plants or mines in developed countries only.
  • The company is restricting most services — including lending and access to capital markets — to companies that get most of their revenue from coal mining, and it's setting a 2024 goal to phase out remaining credit exposure to those companies.

The big picture: Grassroots and investor activists have been targeting major corporations, including JPMorgan, for their support of the fossil-fuel industry through protests and shareholder resolutions. This pressure is rising as governments fail to act and the world remains heavily reliant upon these fuels.

  • JPMorgan economists warned recently of "catastrophic outcomes" if climate change isn't adequately addressed, according to a client note viewed by the BBC.

By the numbers: JPMorgan is the largest lender to the oil, natural gas and coal industries, according to RAN.

  • The bank loaned $196 billion to fossil-fuel companies between 2016 and 2018, according to the RAN report.
  • That’s nearly a third higher than the bank that ranks second, Wells Fargo.

But, but, but: The restrictions affect a small portion of the company’s fossil-fuel businesses, according to Jason Opeña Disterhoft, a senior campaigner on these issues for RAN.

  • The biggest new restriction is on financing for companies whose businesses are more than 50% coal mining, which amounts to less than 0.6% of its overall $196 billion lending to the sector over the last three years, according to Disterhoft.
  • “The hard restrictions in this new policy only affect a small portion of their fossil lending,” Disterhoft told Axios Monday.
  • The restrictions don’t touch other major parts of the sector, such as pipelines outside of the Arctic, natural gas and oil sands.

One level deeper: The bank is also announcing it will finance $200 billion worth of projects supporting the United Nations’ sustainable development goals. Many (but not all) of those projects are related to climate change, though $50 billion is going toward green initiatives explicitly, per the company.

Go deeper: Goldman Sachs moves away from Arctic oil and coal

Go deeper

Trump PACs raise over $82M for first half of 2021

Former President Trump during the Conservative Political Action Conference in Dallas, Texas, on July 11. Photo: Brandon Bell/Getty Images

Former President Trump's political action committees (PACs) raised more than $82 million in the first half of 2021, per Federal Election Commission filings published on Saturday.

Why it matters: It's a significant amount for a former president who's been banned from major social media platforms. It demonstrates his ability to raise huge sums of money should he choose to run for the presidency for a third time.

Updated 2 hours ago - Sports

Olympics dashboard

Team USA's Caeleb Dressel celebrates winning gold in the final of the men's 50m freestyle swimming event at the Tokyo 2020 Olympic Gameson Sunday. Photo: Odd Andersen/AFP via Getty Images

🚨: Simone Biles won't compete in Olympic floor finals, individual vault or uneven bars

🏊: U.S. wins gold in men's 4x100-meter medley relay, earning Caeleb Dressel fifth gold — American Bobby Finke wins gold in men's 1,500-meter freestyle

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🇬🇧: Britain wins gold in new BMX freestyle category and gold in first-ever Olympic mixed 4x100m medley relay

💻: Japan tests teleporting games and "remote cheering"

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 2 hours ago - Sports

U.S. wins gold in men's 4x100-meter medley relay

USA's Ryan Murphy (L) and USA's Caeleb Dressel celebrate winning the final of the men's 4x100m medley relay swimming event during the Tokyo 2020 Olympic Games at the Tokyo Aquatics Centre in Tokyo on Sunday. Photo: Odd Andersen/AFP via Getty Images

Team USA win the gold medal in the men's 4x100-meter medley relay, setting a new world record in the process on Sunday morning local time.

Of note: Caeleb Dressel won his fifth Tokyo Games gold medal during the event— becoming the fifth American to do so after speedskater Eric Heiden and the swimmers Mark Spitz, Matt Biondi and Michael Phelps, who achieved the feat three times.