JPMorgan Chase to source 100 per cent renewable energy by 2025
On Friday 28 July, the global banking giant JPMorgan Chase announced that by 2015, all its property assets will be fuelled exclusively with renewable energy and that by then it will facilitate $200 billion in clean financing.
The company owns property that totals approximately 79 million square meters, across 60 countries all over the world.
The global banking giant’s plans include the on-site renewable energy installations, the procurement of clean energy through Power Purchase Agreements with renewable energy projects, and energy efficiency projects to reduce the demand side.
Solar PVs are planned to be installed in up to 1,400 retail and commercial buildings.
Pilot solar project will be tested in JPMorgan’s branches in California and New Jersey.
The company is also planning to install large-capacity fuel-cell technology at commercial sites, and small-capacity fuel cells at retail sites.
Regarding energy efficiency measures, JPMorgan will partner with GE's Current to install LED lights at approximately 4,500 branches.
The bank will also partner with Current to synchronise building systems and will also add thermal energy blankets above ceiling tiles in more than $1,700 retail branches.
In addition, JPMorgan announced plans to facilitate $200 billion in clean financing through 2025.
Jamie Dimon, JPMorgan’s CEO said: "Business must play a leadership role in creating solutions that protect the environment and grow the economy”.
He added: “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”.
Since 2013, the bank has financed, on average, $16bn per year of clean finance.