JPMorgan commits to 100% renewables reliance by 2020

US investment bank JPMorgan (NYSE:JPM) on Friday announced plans to source 100% of its power from renewables by 2020 and facilitate USD 200 billion (EUR 170bn) in clean financing through 2025.

As part of its ambitious plan, the bank will provide financial assistance on transactions and fundraising initiatives for renewable energy projects, offer financing and risk management solutions, and underwrite debt to help facilitate the financing.

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

In order to achieve its 100% renewables goal of powering its global operations from renewables, JPMorgan intends to sign wind and solar power purchase agreements (PPAs) in select markets in the US. It has already struck a 20-year contract for the output of a 100-MW wind project in Texas’ Erath County. The facility is owned by a unit of NRG Energy Inc (NYSE:NRG) and is expected to become operational by end-2017.

More PPAs are envisaged under the plan, which also calls for the construction of on-site solar systems at up to 1,400 retail locations owned by the bank and 40 commercial buildings worldwide. Moreover, the lender aims to lower overall electricity consumption by 15% through new lighting technologies and building management systems.

(USD 1.0 = EUR 0.851)

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