The company's goals are to reduce total energy consumption by 15 percent, including a 50 percent reduction in lighting consumption — equivalent to removing 27,000 cars from the road annually for 10 years.
The company will also reduce water consumption by 20 percent, pilot solar technology at branches across California, and invest more than $200 million to reduce its carbon footprint.
These steps are all helping the company reach its long-term goals of reducing greenhouse gas emissions 50 percent below 2005 levels by 2020, offsetting 100 percent of employee air travel emissions on an annual basis and bringing new renewable energy capacity to the grid.
David Owen, chief administrative officer of JPMorgan, listed multiple reasons for implementing these environmentally friendly changes.
"As we think about the future of our branch and workplace, we're always looking for smart strategies that make our business and buildings more sustainable," said Owen in Wednesday's press release. "This technology will help us run our facilities more efficiently, reduce energy consumption and improve the experience for our clients, customers and employees."
The initiative will also lead to some financial benefits. A spokesperson at JP Morgan said that the company expects to reduce their branch energy expense by around 15 percent and save about $200 million over 10 years.