Banking giants are putting their money into clean energy with a pledge to be powered completely by renewable energy by 2020. JPMorgan and Citigroup have made this RE100 pledge, organized by The Climate Group alongside other companies like Estee Lauder, Kellogg, and DBS Bank.
More companies are realizing that investing in and using renewable energy is beginning to make more economic sense. Clean sources of energy such as wind and solar power are becoming cheaper than fossil fuels, and with each new technological breakthrough in the field, that trend will continue as lower initial costs are coupled with higher efficiency. A switch to clean energy is better for a company's bottom line with the added global benefit of being better for the environment.
In the case of JPMorgan, the bank has stretched to more than 60 countries, with a total footprint of close to 7 million square meters (75 million square feet). The Independent points out that this is close to 27 times the square footage of the office space at the Empire State Building. In order to meet this energy goal, the companies will begin to install renewable energy tech on their properties and buy power from clean energy project while making changes to reduce their overall consumption.
As Matt Arnold, global head of sustainable finance at JPMorgan stated, “Business has an essential role to play in advancing the transition to clean energy and a safe climate.” While changes that individuals make to combat energy consumption are important and necessary, businesses have the power to multiply that effect and help to expedite the difficult road toward a clean energy future.