One of the biggest banks is making a big renewable energy commitment

JPMorgan Chase will rely solely on renewable energy by 2020, the company announced last Friday.

The firm plans to install on-site renewable energy generators, sign power purchase agreements with renewable energy projects and reduce its energy consumption. Furthermore, the facilitation of $200 billion in clean financing is planned through 2025.

JPMorgan Chase is expanding its comprehensive strategy to advance environmentally sustainable solutions for clients and its own operations.

The firm will facilitate $200 billion in clean financing through 2025, the largest commitment by a global financial institution.  Through this commitment, JPMorgan Chase will help scale the impact of sustainability efforts among its approximately 22,000 corporate and investor clients in the United States and across the world.

JPMorgan Chase will leverage its financial resources, insights and expertise to help clients, customers and communities better manage sustainability challenges and capitalize on new opportunities.

Using the strength of the firm’s global reach and expertise in the renewable power sector to support the development of new renewable energy projects on the grids from which JPMorgan Chase purchases power.

Executing wind and solar Power Purchase Agreements in select markets in the United States to offset the firm’s traditional power consumption by 40 percent.

With that JPMorgan Chase is making the largest commitment by a global financial institution to facilitate $200 billion in clean financing by 2025.

As a first example, JPMorgan Chase’s Global Real Estate and Global Commodities divisions executed a 20-year Power Purchase Agreement with a subsidiary of NRG Energy, Inc. to support the development of the Buckthorn wind farm, a 100 MW project in Erath County, Texas. Signed in November 2016, the project is expected to be operational by the end of 2017. Over half of the wind farm’s output was purchased by the Global Real Estate team and will provide electricity for approximately 75 percent of the firm’s power consumption in Texas and 13 percent of overall consumption in the United States. The project created about 190 clean energy construction jobs and will produce enough renewable energy annually to power the equivalent of 29,300 homes. The firm intends to execute additional Power Purchase Agreements.