JPMorgan Chase, the largest US bank by assets, has made an ambitious commitment to source 100 per cent of its global energy needs from renewable sources by 2020, and to reduce energy consumption in its large portfolio of buildings around the world – a move which is in line with WorldGBC’s net zero carbon buildings mission.
The firm, a member of WorldGBC’s Corporate Advisory Board, has operations in over 5,500 properties in more than 60 countries, covering approximately 75 million square feet – about 27 times the square footage of office space at the Empire State Building.
In an announcement today, the bank highlighted specific projects to install on-site renewables in pursuit of the 100 per cent target. These include developing on-site solar power generation for up to 1,400 bank-owned retail and 40 commercial buildings globally, and installing large capacity fuel cell technology at commercial sites and small capacity fuel cells at retail sites.
The firm also highlighted its efforts to increase energy efficiency, such as the 2,500 branches which have been retrofitted with LED lighting (a total of 1.4 million new light bulbs) to cut lighting energy consumption by 50 per cent, the world’s largest LED lighting installation in partnership which will see new lighting technologies installed across 4,500 branches, and the use of thermal energy blankets to reduce energy consumption in 1,700 retail branches.
JPMorgan’s approach is in line with WorldGBC’s goal for all buildings to become net zero carbon, by optimising the energy performance of their buildings, generating energy on-site where viable, and mitigating remaining emissions through off-site renewable energy sources.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, said:
“Business must play a leadership role in creating solutions that protect the environment and grow the economy. 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 Chase has a long standing commitment to green building, recognising the opportunities in prioritising building energy efficiency measures for over a decade; and the renovation of its New York HQ, 270 Park Avenue, achieved LEED Platinum certification from the US Green Building Council in 2012.
Also in today’s announcement, the bank said it is making the largest commitment by a global financial institution to facilitate $200 billion in clean energy financing by 2025. Through this, it will help scale the impact of sustainability efforts among its 22,000 corporate and investor clients around the world.