By Elizabeth Dilts Marshall

NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) said Friday it was joining the United Nation’s Net-Zero Banking Alliance, a group of global banks that have committed to dramatically reducing their carbon financing and investment activities.

JPMorgan, the U.S. largest bank and major lender to fossil fuel industries, has been criticised for failing to join the group earlier. The group launched in April. It comes just ahead of the UN Climate Change Conference in Glasgow, which will be held next month.

JPMorgan’s executive stated that it was now time for rival Bank of America (NYSE) Citigroup (NYSE: Morgan Stanley (NYSE:) and other companies in aligning their climate plans with UN’s Race to Zero campaign.

Marisa Buchanan (JPMorgan’s global head for sustainability), stated in a statement that she joined the Net Zero Banking Alliance to support greater climate action and the sharing of good practices.

All member banks will be required to submit climate plans based on science that include interim targets for 2030, cover all emissions types and require transparent reporting. Banks are given 18 months to determine the 2030 interim targets.

Critics claim that the targets of this group are not strong enough and too flexible.

JPMorgan established mid-term carbon reduction goals in May for its clients. This included asking oil and gas companies to reduce their intensity of indirect and direct emissions. [L1N2MZ2S4]