JPMorgan Chase on Friday launched a two-pronged financial attack on climate change, announcing plans to source 100% of its global energy needs with renewables by 2020 and committing billions to back alternative energy projects.
The pledge includes $200 billion for renewables projects through 2025, considered the largest commitment ever by a global financial institution.
“Business must play a leadership role in creating solutions that protect the environment and grow the economy,” said CEO Jamie Dimon. “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.”
The commitment would affect operations in more than 60 countries in more than 5,500 properties covering 75 million square feet. The financial giant said it wanted to scale the impact of sustainability efforts among its nearly 22,000 clients worldwide.
To achieve its goals, Chase would prioritize transactions that add renewable energy to the grids on which it consumes power. It also plans to install renewable energy technology across buildings and branches, sign power purchase agreements with renewable energy projects and reduce energy consumption.
In addition, the bank plans to underwrite debt with a “sustainable use” for municipal, corporate and multilateral clients, transactions that totaled almost $15 billion in 2016. This year similar projects include serving as active bookrunner on Apple’s $1 billion green bond offering in June.