JPMorgan Chase announced today additional strategies to reduce its global carbon footprint. By increasing energy efficiencies in its facilities worldwide, purchasing energy from renewable sources, and educating employees on energy conservation, the firm aims to cut its global emissions 20% by 2012 using 2005 baseline. In addition, the firm will offset 100% of all employee air travel.
“Climate change is a global problem that requires global solutions. At JPMorgan Chase, we are doing our part by identifying opportunities to promote environmental sustainability - including our own impact on the environment as well as investments in technology and research that helps our clients and communities,” said Jim Fuschetti, Managing Director, Environmental Affairs, JPMorgan Chase.
In cities around the globe inefficient buildings are one of the largest indirect sources of carbon. By investing in energy efficient projects in areas such as lighting and heating, renovating older buildings and integrating energy efficient technologies in its facilities, JPMorgan Chase will reduce its environmental impact.
To further its environmental commitment, the firm will buy carbon offsets for 100% of all employee air travel. "The carbon offsets will be of the highest quality standards - combining sustainable development benefits with real, measurable emissions reductions.”
JPMorgan Chase and the Environment
April 2008 - JPMorgan acquired ClimateCare as part of its Environmental Markets team in the Investment Bank. ClimateCare makes reductions of greenhouse gases on behalf of individuals and companies, by originating and investing in a global portfolio of renewable energy and energy efficiency projects. All emissions reductions are independently verified and accredited under leading international standards. Many of the projects bring significant benefits to people's health and welfare as well as helping to protect the climate. This provides a strong platform for JPMorgan to invest in large-scale high quality carbon emission reduction projects, while bolstering the development of a liquid financial market for emissions trading.
April 2008 - Chase announced plans for 20-30 additional green Leadership in Energy and Environmental Design (LEED) certified branches. Chase opened its first green bank branches certified Silver LEED in Colorado and Texas.
February 2008 - JPMorgan Chase and a consortium of banks and non-governmental organizations announced the Carbon Principles to create a framework for evaluating climate change risk and opportunities in the US electric power industry.
July 2007 - Renovations of JPMorgan Chase headquarters building began with a goal of LEED Platinum, making it the largest Platinum renovation of an existing building in the world. Plans for a new JPMorgan Investment Bank headquarters building in London will also be built to the highest environmental standards.
May 2007 - JPMorgan Chase partnered with the Clinton Climate Initiative on the Energy Efficiency Building Retrofit Program pledging to help raise $1 billion in financing to make old buildings in cities more efficient.
April 2007 - JPMorgan launched JENI Bond Index, the first corporate bond index that allows investors to account for risks arising from climate change in a systematic way.
January 2007 - JPMorgan’s Commodities Group established an Environmental Markets Group to help clients reduce emissions and manage associated risks.
April 2005 - JPMorgan Chase Office of Environmental Affairs announced a comprehensive environmental policy which included adoption and expansion of the Equator Principles and commitments to address climate change, biodiversity, and engagement of indigenous communities.
April 2004 - JPMorgan Chase established the Office of Environmental Affairs to sharpen its focus on the environment and to implement environmentally responsible strategies and partnerships.