JPMorgan Chase and Co. today announced a $900,000 investment to support sustainable infrastructure projects in Detroit. Additionally, the firm is retrofitting more than 70 percent of its bank branches in metro Detroit with LED lights and new building management systems as part of its commitment to advance sustainable solutions.
“Sustainable infrastructure is critical to the efficient and continuous operation of small businesses, and to revitalizing commercial activity throughout Detroit,” says Matt Arnold, global head of sustainable finance for JPMorgan Chase. “We firmly believe that sustainability lies at the heart of long-term economic growth and we are excited about bringing our expertise in advancing environmentally sustainable solutions to Detroit.”
Highlights of the firm’s sustainability investments throughout Detroit include:
- Retrofitting 13 branches with LED lighting and installing building management systems to cut lighting energy consumption by 50 percent, electric and gas consumption by 15 percent, and water consumption from irrigation systems by 20 percent.
- Supporting the acquisition and rehabilitation of vacant commercial properties along the Mack Avenue commercial corridor to expand local retail and commercial businesses and attract new businesses to the area.
- Support The Nature Conservancy’s work with the City of Detroit and other partners to create a Special Purpose District to help foster and improve local businesses. The Special Purpose District will provide more cost effective storm water management services to local businesses and multiple community and environmental benefits to residents in the Eastern Market neighborhood.
- Working with Jefferson East to accelerate the incorporation of green building practices, including the completion of new green parking lots on vacant land adjacent to commercial properties into developments along the Jefferson corridor.
“The City of Detroit Office of Sustainability applauds JPMorgan Chase for its leadership in energy and sustainability through their branch retrofits and support of Detroit non-profit organizations,” says Joel Howrani Heeres, Detroit’s director of sustainability.
This news follows JPMorgan Chase’s July commitment to source renewable power for 100 percent of its global energy needs by 2020, and to facilitate $200 billion in clean financing through 2025.