Banking giant JPMorgan will rely solely on renewable energy by 2020, the company announced in a press release.
To meet its goal, the firm will install on-site renewable energy generators, sign power purchase agreements with renewable energy projects and reduce its energy consumption.
JPMorgan will develop on-site solar-power generation at up to 1,400 retail and 40 commercial buildings. The firm will launch a pilot program to install solar panels at Chase branches in California and New Jersey. It will also install large-capacity fuel-cell technology at commercial sites and small-capacity fuel cells at retail sites.
To realize its energy consumption goals it will partner with GE’s Current to install LED lights at about 4,500 Chase branches. It will also work with Current to synchronize building systems, which is expected to reduce energy consumption. JPMorgan will add thermal energy blankets above ceiling tiles in more than $1,700 retail branches.
They believe that business must play a leadership role in creating solutions that protect the environment and grow the economy to this affect the firm plans to facilitate $200 billion in clean financing through 2025.