JPMorgan Chase's New Plano Campus Will Soon Be Powered by Wind Energy

New York banking giant JPMorgan Chase is giving Texas' renewable energy industry an extra tailwind.The company announced Friday it plans to switch all its facilities to 100 percent renewable power by 2020. In Texas, 75 percent of JPMorgan Chase's facilities will run on wind energy by the end of this year. That covers 584 branches and 8 million square feet, including a new 1.2 million-square-foot Plano campus.To power those locations, JPMorgan Chase previously announced a 20-year deal to buy more than half the electricity generated by a new wind farm southwest of Fort Worth. NRG Energy's Buckthorn facility in Erath County is scheduled to start operating by the end of this year.The financial firm also is planning to install solar panels on 1,400 bank branches and 40 commercial buildings worldwide, including the Chase Legacy West Complex.The renewable push is part of a broader sustainability effort by the company, including a commitment to provide $200 billion for "clean financing" through 2025 — such as helping with fundraising and underwriting for renewable energy companies or efforts. The firm also plans to spend $200 million on its own efforts, from computer-controlled air conditioning to LED lighting.David Owen, chief administrative officer for JPMorgan Chase, said this is good for the environment as well as a wise financial move. Employees and customers — particularly millennials — prioritize sustainability."We can take tens of miles of coal cars off the emissions screen," he said. "We can take tens of thousands of cars off the road. It's that kind of order-of-magnitude impact that we're able to drive."Large corporations, like JPMorgan Chase, have contributed to the recent development of renewable projects through long-term purchase agreements.  Continue reading...