Sustainable Energy

10 banks embracing renewables and looking to slash their environmental impact

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At the end of July, JPMorgan Chase said that it would source renewable power for all of its worldwide energy needs by the year 2020. The bank also said it would facilitate $200 billion in clean financing through 2025.

"Business must play a leadership role in creating solutions that protect the environment and grow the economy," Jamie Dimon, JPMorgan Chase's chairman and CEO, said at the time.

JPMorgan Chase is the latest in a long list of big financial institutions to make a commitment to renewables.

Other banks have sought to highlight their commitment to the environment by joining the RE100, an initiative made up of some of the planet's biggest businesses, all committed to renewable energy.

Here, CNBC takes a look at 10 banks that have joined the group.

Bank of America 

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Last September saw Bank of America join the RE100. In an announcement, the business revealed a range of environmental goals.

These included buying 100 percent of its electricity from renewable sources, cutting energy use by 40 percent and slashing location-based greenhouse gas emissions by 50 percent.


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According to Spain's Bankia, in 2016 all of the electricity used by its branches and central services came from renewable sources.

The business adds that its acquisition of electricity from renewables enabled it to avoid the emission of 36,236 tons of carbon dioxide.

Bankia joined the RE100 at the beginning of 2017.


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Spanish banking giant CaixaBank became a member of the RE100 in June 2016.

At the time, the bank said it wanted to procure 100 percent of its electricity from renewable sources within three years. The bank is also aiming to be carbon neutral by 2018.


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Commerzbank says that it is working in a "climate-neutral manner" and wants to cut its greenhouse gas emissions by 70 percent.

Amalgamated Bank

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Amalgamated Bank, which has committed to 100 percent renewable energy, announced it would be joining the RE100 in September 2016.

"We need to be honest, we have a growing environmental crisis unfolding and Amalgamated Bank will no longer sit on the sideline," Keith Mestrich, president and CEO of Amalgamated Bank, said at the time.

"As an industry that prides itself on innovation and bold action, we must all be leaders and take real action to change our course," Mestrich added.

Danske Bank Group

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Danske Bank joined the RE100 at the beginning of 2017.

The bank says it has been CO2 neutral since 2009, and all electricity consumption at its premises is supplied by renewable electricity. In addition, it aims to cut its energy consumption by 15 percent between 2014 and 2018.

Goldman Sachs Group, Inc.

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Goldman Sachs joined the RE100 in 2015, and committed to using 100 percent renewable energy by 2020.

The Wall Street behemoth has described climate change as "one of the most significant environmental challenges of the 21st century."


.Logo of ING Bank.
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By the year 2020, ING wants to procure 100 percent renewable electricity for all the buildings it operates in.

The bank also wants to cut its CO2, waste and water footprint by 20 percent, again by 2020. More broadly, ING says it has been carbon neutral since 2007.


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Nordea joined the RE100 in 2015. The bank is focusing on a range of targets to reduce its environmental impact, from cutting energy and water consumption at its head offices and branches to reducing waste and increasing the amount of organic food offered in its canteens.

TD Bank Group

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TD Bank joined the RE100 in 2016 and says that in 2010 it became "the first North American based financial institution to achieve carbon-neutral status."

Among other things, the bank wants to manage its environmental footprint by: cutting its greenhouse gas emissions; reducing its use of paper; and boosting energy efficiency.