New York-based banking giant, J.P. Morgan Chase & Co. Inc. says it will be 100% powered by renewable energy in the next couple of years.
The bank announced that its global operations, which include 5,500 properties in 60 countries, will be fully reliant on renewable power by 2020. At the same time, the bank also committed to facilitating US$200 billion in clean energy financing through 2025.
The commitment to shifting entirely to renewable energy will include installing renewable energy technology (such as solar and fuel cell technology and LED lighting to reduce consumption) in its facilities, purchasing power from renewable sources (such as wind and solar power), and through transactions that add new renewable energy to the power grids it relies on.
"Business must play a leadership role in creating solutions that protect the environment and grow the economy," says Jamie Dimon, J.P. Morgan's chairman and CEO, 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."