EnergyWatch

Major bank will be completely green in 2020

JP Morgan Chase has been buying up wind power and over coming years will go from fluorescent lights to LED. The investment bank also claims it will beat all the other financial institutions with new promises of "clean financing."

Photo: /ritzau/AP/Seth Wenig

International bank group JP Morgan Chase, which has more than 5,500 properties in over 60 countries, has set a target to rely exclusively on renewables for its energy needs by 2020, announced the company.

To reach its goal, the bank will enter several power purchase agreements and will optimize the energy efficiency of its offices and buildings. Accompanying the news of JP Morgan's new green ambitions the bank also reveals a power purchase agreement with NRD Energy for power from the 100 MW wind farm Buckthorn, in Texas, USA. The farm will be ready at the end of 2017.

Besides installing solar panels on buildings and properties, the bank will also reduce its electricity consumption for light by 50 percent by acquiring 1.4 million LED bulbs.

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