One of the biggest banks is making a big renewable energy commitment
- JPMorgan Chase says it will rely solely on renewable energy by 2020.
- The firm has property in more than 60 countries that totals approximately 75 million square feet, according to a press release.
- JPMorgan also plans to facilitate $200 billion in clean financing through 2025.
JPMorgan Chase will rely solely on renewable energy by 2020, the company announced Friday.
To meet its goal, the firm will install on-site renewable energy generators, sign power purchase agreements with renewable energy projects and reduce its energy consumption. The firm has property in more than 60 countries that totals approximately 75 million square feet, according to a press release.
The firm also plans to 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," CEO Jamie Dimon said in a 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."
JPMorgan will develop on-site solar-power generation at up to 1,400 retail and 40 commercial buildings. The firm will launch a pilot program to install solar panels at Chase branches in California and New Jersey. It will also install large-capacity fuel-cell technology at commercial sites and small-capacity fuel cells at retail sites.
To cut energy consumption, JPMorgan will partner with GE's Current to install LED lights at about 4,500 Chase branches. It will also work with Current to synchronize building systems, which is expected to reduce energy consumption. JPMorgan will add thermal energy blankets above ceiling tiles in more than $1,700 retail branches.
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