Demand Management, Energy Efficiency, Energy Storage, Commercial, Solar, Sourcing Renewables, Wind - July 28, 2017
JPMorgan Chase announces 100% RE goal
JPMorgan Chase announced July 28 its goal to rely on 100% renewable energy by 2020 and to facilitate $200 billion in clean energy financing through 2025 to support its clients’ own sustainability projects.
The announcement of the banking firm’s ambitious goal follows recent changes in the company’s business plan to emphasize sustainability and implement energy efficiency programs.
“The firm will achieve its goal by prioritizing transactions that add new renewable energy to the grids on which it consumes power,” the bank announced in a news release. “JPMorgan Chase will install renewable energy technology across buildings and branches, sign Power Purchase Agreements with renewable energy projects and reduce energy consumption.”
These projects include developing on-site solar power generation for up to 1,400 bank-owned retail and 40 commercial buildings and implementing an installation of solar panels at branches in California and New Jersey, with plans to expand to thousands of other locations.
JPMorgan Chase has begun consideration of potential solar projects, such as a 20-MW solar installation at the Columbus, Ohio, Polaris Corporate Center.
The company also plans to install large-capacity fuel cell technology at commercial sites and small capacity fuel cells at retail sites.
As recently as late June, JPMorgan Chase announced the rollout of its new energy management system provided by Current, by GE, to achieve its goal of a 15% reduction in gas and electric consumption. The company is also initiating an LED lighting retrofit project in about 4,500 Chase branches, of which 2,500 have already been completed.
The facilitation of clean financing will include the financing and providing of risk management solutions for renewable energy projects that its clients are undertaking. According to the announcement, the firm provided nearly $2 billion in tax equity for wind, solar and geothermal projects in 2016.
JPMorgan Chase will also increase advising clients such as Dong Energy, SunEdison and Enbridge on their respective renewable energy projects and will start underwriting debt with a sustainable use of proceeds for municipal, corporate and multilateral clients. One example includes its recent project serving as active bookrunner on a $1 billion green bond offering by Apple in June.
- JPMorgan Chase Aligns Financing with Paris Agreement, Achieves Carbon Neutrality
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- JPMorgan Chase targets carbon neutrality by end of year
- JPMorgan's $200 billion for clean energy limits funding for coal, Arctic drilling projects
- JPMorgan enlists blockchain to achieve RE goals
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