Banking on solar: JPMorgan Chase sets 100 percent renewable energy goal for 2020

jp morgan chase solar energy

JPMorgan Chase will source renewable power for 100 percent of its global energy needs by 2020. The firm has offices and operations in more than 60 countries across over 5,500 properties, covering approximately 75 million square feet.

The firm will facilitate $200 billion in clean financing through 2025, the largest commitment by a global financial institution.

“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.”

Solar in the pipeline

Power purchase agreements for wind and solar will be in the mix, but the corporation have plans to develop on-site solar power generation for up to 1,400 bank-owned retail and 40 commercial buildings globally. Examples of installations under consideration include:

o At nearly 2 million square feet, JPMorgan Chase’s Polaris Corporate Center in Columbus, Ohio, is the firm’s largest single-tenant office in the world. The solar installation could comprise up to 20 megawatts (MW) of capacity – enough to power the equivalent of 3,280 homes – to offset 65 percent of on-site power usage.

o Solar installation at the new JPMorgan Chase Legacy West Complex in Plano, Texas, which could provide up to 7 MW of renewable power.

o Piloting an installation of solar panels at Chase branches in California and New Jersey, with plans to introduce solar technology to thousands of other locations.

o Installing large capacity fuel cell technology at the firm’s commercial sites starting at Metrotech Center in Brooklyn, New York and small capacity fuel cells at retail sites.

— Solar Builder magazine

Leave a Reply