JPMorgan Chase and Brookfield Renewable have announced a five-year energy agreement for supplying clean, renewable electricity from hydro facilities to over 500 of JPMorgan Chase’s real estate operations in New York State.
Under the terms of this agreement, 90% of the bank’s operations in New York State will rely on power from Brookfield Renewable’s hydropower facilities to meet their electricity needs.
The energy delivered to JPMorgan Chase facilities will be tracked megawatt-by-megawatt in real time by leveraging energy tracking technology, allowing the company’s electricity demand across the state to be matched to power generated from Brookfield Renewable’s hydroelectric facilities.
“Brookfield Renewable’s agreement with JPMorgan Chase to decarbonize its New York operations reflects our flexible approach to working with firms to deliver on sustainability commitments,” said Brookfield Renewable U.S. Chief Executive Officer Mitch Davidson. “The transaction demonstrates Brookfield Renewable’s ability to address diverse customer needs for renewable supply across both wholesale and retail energy markets.”
The deal helps to advance JPMorgan Chase’s commitment, announced in 2017, to annually source renewable energy for 100% of its global power needs starting in 2020. Brookfield Renewable’s supply of hydropower in New York is part of an over 900-MW diversified renewable portfolio in the state that also includes wind and solar facilities. According to a press release, these renewable supplies are critical to achieving the state’s goal of obtaining 70% of its electricity needs from emissions-free resources by 2030, as mandated under the Climate Leadership and Community Protection Act.
“Advancing sustainable practices in our own operations is a key component of JPMorgan Chase’s commitment to sustainability and a transition to a low-carbon economy,” said Michael Norton, global head of property management at JPMorgan Chase. “This collaboration in a dynamic power market also plays an important role in promoting more green operational practices throughout New York City – the firm’s global headquarters.”
Brookfield Renewable’s portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 19,000 MW of installed capacity and an 18,000-MW development pipeline.
JPMorgan Chase & Co. (NYSE: JPM) is a global financial services firm with assets of $3.2 trillion and operations worldwide.