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Environment

This Big Bank Will Run Entirely on Renewable Energy by 2020

Flickr/Emily

New York-based banking firm JPMorgan Chase & Co. announced on Friday that the company plans to run exclusively on renewable energy by 2020.

In order to do so, the firm will install renewable energy generators and sign power purchase agreements with renewable energy projects. They have committed to reducing overall energy consumption as well. They are also committing $200 billion to clean financing through 2025.

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On-site solar power generation and small-capacity fuel cells will be installed at retail locations. Solar power generation and large-capacity fuel-cell technology will be installed at commercial sites. The pilot program for solar panel installation will be implemented at Chase branches in California and New Jersey.

JPMorgan Chase said it will install LED lights at approximately 4,500 Chase locations, in partner with GE’s Current, and will link building systems to further reduce energy consumption. Thermal energy blankets will be placed above ceiling tiles in more than 1,700 retail branches.

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Competitor companies like Citigroup Inc., Morgan Stanley and Goldman Sachs Group Inc. have already made similar efforts by agreeing to purchase power from renewable-energy suppliers, according to The Wall Street Journal.

JPMorgan Chase's decision has been well received by environmentalists, organizations and clean energy companies.

“Business must play a leadership role in creating solutions that protect the environment and grow the economy,” Jamie Dimon, chairman and CEO of JPMorgan Chase, 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.”

The company owns approximately 75 million square feet with 5,500 properties across more than 60 countries.