JPMorgan Chase has committed to powering its global banking operations with 100 percent renewable energy by 2020 and investing $200 billion into clean energy financing through 2025. The banking firm seeks to achieve these goals by developing solar projects at its branches and commercial locations, committing to long term renewable energy purchase agreements and expanding investment in clean power projects.
“Business must play a leadership role in creating solutions that protect the environment and grow the economy,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. “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.”
Chase has approximately 75 million square-feet of roof space at 5,500 locations in 60 countries. The company is currently mulling over plans to install solar at 1,400 location around the world, starting with an initiative to install rooftop solar on bank branches in California and New Jersey. Chase is also considering installing a 20 megawatt rooftop installation at its Polaris Corporate Center in Columbus, OH. The project is expected to offset the 2 million square-foot facility’s power use by an estimated 65 percent.
Chase’s $200 billion commitment to finance solar, wind and geothermal projects globally will facilitate renewable energy industry growth. The company plans to underwrite debt for corporate and government renewable energy project development and finance research to mitigate transportation emissions and waste management.
Chase has committed to entering into long-term purchase agreements with utilities that already provide electricity to the company throughout the US. Purchasing energy from utility owned solar and wind projects could offset the company’s power use by an estimated 40 percent. The banking giant recently executed a 20-year power purchase agreement with NRG Energy to buy half of the output generated at the 100 megawatt Buckhorn wind farm in Erath County, TX. The agreement will provide 75 percent of Chase’s electricity in Texas and 13 percent of its total needs in the US.Tweet