Against the trend embraced by many of its Wall Street peers, jpmorgan remains skeptical. "Transition finance" exists in a certain regulatory gray area, describing the allocation of capital to activities that ultimately help reduce carbon emissions in the wider economy. At the same time, financing for businesses to reduce carbon emissions is also seen as a vast business area, with Apollo Global Management Inc. recently mentioning that the energy transition could present $50 trillion in investment opportunities over the next decades. In this context, some large banks on Wall Street are designing a "transition finance" framework to define qualified assets and activities. According to public documents and informed sources, this includes wells fargo & co and citigroup; the sources requested anonymity as they are not authorized to speak on the subject. Meanwhile, jpmorgan has chosen to politely decline.