JPMorgan Chase has announced it has committed as a company to sourcing 100% of its energy needs from renewable energy by 2020. In addition, the bank has promised to facilitate $200 billion in clean energy financing through 2025. The bank highlighted specific projects to install on-site renewables in pursuit of the 100 percent target. These include developing on-site solar power generation for up to 1,400 bank-owned retail and 40 commercial buildings globally, and installing large capacity fuel cell technology at commercial sites and small capacity fuel cells at retail sites.
The firm also highlighted its efforts to increase energy efficiency, such as the 2,500 branches which have been retrofitted with LED lighting to cut lighting energy consumption by 50 percent. In addition, the have created the world’s largest LED lighting installation which will see new lighting technologies installed across 4,500 branches. This will include the use of thermal energy blankets to reduce energy consumption in 1,700 retail branches.
JPMorgan’s approach is in line with the UN’s Sustainable Development Goals for all buildings to become net zero carbon. This will be accomplished by optimizing the energy performance of their buildings, generating energy on-site where viable, and mitigating remaining emissions through off-site renewable energy sources.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, said:
“Business must play a leadership role in creating solutions that protect the environment and grow the economy. This global investment leverages the firm’s resources and our people’s expertise to make our operations more energy efficient and provide clients with the resources they need to develop more sustainable products and services.”
JPMorgan Chase has a long standing commitment to green building, recognizing the opportunities in prioritizing building energy efficiency measures for over a decade. Proof it point, and the renovation of their New York Headquarters at 270 Park Avenue achieved LEED Platinum certification from the US Green Building Council in 2012. The bank is making the largest commitment by a global financial institution to facilitate $200 billion in clean energy financing by 2025. Through this, it will help scale the impact of sustainability efforts among its 22,000 corporate and investor clients around the world.