Chase’s new goals include renewable energy commitment | nnbw.com

Chase’s new goals include renewable energy commitment

JP Morgan Chase

JPMorgan Chase is building on its long-term commitment to sustainability, according to a written statement the company released Friday.

The firm is expanding its comprehensive strategy to advance environmentally sustainable solutions for clients and its own operations.

"Business must play a leadership role in creating solutions that protect the environment and grow the economy," Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a written statement. "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."

The firm's two new strategic goals are:

RENEWABLE ENERGY
JPMorgan Chase will source renewable power for 100 percent of its global energy needs by 2020.

The firm has offices and operations in more than 60 countries across over 5,500 properties, covering approximately 75 million square feet – about 27 times the square footage of the office space at the Empire State Building. In Nevada, the firm has 48 branches and has plans to open branches in the Reno/Lake Tahoe area.

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Its renewable commitment includes developing on-site solar power generation for up to 1,400 bank-owned retail and 40 commercial buildings globally.

In addition, 2,500 branches have already been retrofitted with LED lighting for total of 1.4 million new light bulbs, cutting energy consumption by 50 percent.

The company is also installing Building Management Systems across retail branches to synchronize lighting, heating, ventilation, air conditioning and irrigation systems with operational control.

CLEAN FINANCING
The firm will facilitate $200 billion in clean financing through 2025. Through this commitment, Chase will help scale the impact of sustainability efforts among its approximately 22,000 corporate and investor clients in the United States and across the world.

In 2016, JPMorgan Chase provided nearly $2 billion in tax equity for wind, solar and geothermal projects in 2016; and served as FX hedge provider in the project financing to MGT Power Limited for its Teesside Renewable Energy Plant, the largest dedicated biomass project to be built in the UK. The project produces enough energy to power 600,000 homes.