(Reuters) – JPMorgan Chase & Co (NYSE:)’s asset management arm said on Monday it had created a new private equity team to focus on sustainable investments, the bank’s latest move to align its activities with its climate-change commitments.

The team plans to invest up to $150 Million in growth-stage companies to develop solutions for climate adaptation and resource efficiency across various industries.

Tanya Barnes (formerly head of Blackstone (NYSE.) Inc’s impact investing platform) was hired by the bank to manage the new team together with Osei Vand Horne.

Since May 2013, Horne is leading J.P. Morgan Asset Management’s climate-focused equity growth investment strategy.

Due to rising corporate governance and climate changes, pressures from international regulatory agencies have increased on major U.S. financial and banking institutions.

Blackstone, the world’s biggest alternative asset manager, said last week that it launched a platform https://www.reuters.com/article/blackstone-esg-idUSL4N2U1307 meant for investments and lending to renewable energy companies.

Last year, JPMorgan set out mid-term, carbon reduction goals https://www.reuters.com/business/sustainable-business/jpmorgan-debuts-carbon-reduction-goals-clients-2021-05-13 for clients in industries such as electric power, auto, oil and gas.

Additionally, it stated that they would invest up to $2.5 trillion in banking services and lend to other companies. This will be for projects and businesses tackling social inequality and climate change over the next 10 years.