Investments that create energy-efficient branches, boost small business growth and commercial activity will help Detroit develop environmentally sustainable solutions
Submitted by: JPMorgan Chase & Co.
Posted: Nov 16, 2017 – 08:00 AM EST
DETROIT, Nov. 16 /CSRwire/ - JPMorgan Chase & Co. today announced a $900,000 investment to support sustainable infrastructure projects in Detroit. In addition, the firm is retrofitting over 70 percent of Chase branches in the city with LED lights and new Building Management Systems. As part of the firm’s $150 million commitment to Detroit’s long-term economic recovery and building on its commitment to advance sustainable solutions for clients and across its operations, these investments are designed to boost Detroit’s continued economic recovery.
“Sustainable infrastructure is critical to the efficient and continuous operation of small businesses and to revitalizing commercial activity throughout Detroit,” said Matt Arnold, Global Head of Sustainable Finance, 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.”
"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,” said Joel Howrani Heeres, Director of Sustainability, City of Detroit. “By expanding the scope of the green infrastructure and green building practices it is engaged in throughout the city, JPMorgan Chase serves as an example of sustainable business in Detroit making an environmental impact that will benefit all Detroiters.”
Highlights of the firm’s sustainability investments in Detroit include:
“Detroit’s Lower Eastside neighborhoods have benefited significantly from the revitalization of our community’s businesses,” said Donna Givens, Chief Executive Officer, Eastside Community Network. “Thanks to JPMorgan Chase’s ongoing financial support and employee volunteering, we will be able to further expand the scope of our organization’s work to help with the development of small businesses along Mack Avenue.”
Today’s announcement builds on past collaboration between JPMorgan Chase and Eastside Community Network, The Nature Conservancy and Jefferson East through the firm’s Service Corps program, which sends top-performing employees from around the world on assignments that allow them to put their skills and expertise to work on behalf of select nonprofit partners. To date, JPMorgan Chase employees have worked with 21 organizations in Detroit through the Service Corps program.
“We are excited to collaborate with JPMorgan Chase on an initiative that can help ensure the sustainable development of Detroit’s east Jefferson corridor,” said Joshua R. Elling, Executive Director, Jefferson East. “Sustainable infrastructure is key to the corridor’s long-term growth and to the creation of equitable economic opportunities for our residents and businesses.”
In July, JPMorgan Chase announced a 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. This includes retrofitting about 4,500 branches with new technology to cut energy consumption. As part of this commitment, the firm is using its financial resources, insights and expertise to help communities in Detroit and other cities better manage sustainability challenges.
“JPMorgan Chase has been a bedrock supporter for The Nature Conservancy’s work to develop financing structures that deliver environmental and social benefits,” said Valerie Strassberg, Director of Urban Conservation, The Nature Conservancy, Michigan. “Building on the foundational guidance we received from the bank’s Detroit Service Corps team last year, this additional support will allow our team to move beyond concept to meaningful analysis and implementation of a stormwater management mechanism at a scale that could be a national model.”
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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