JPMorgan Chase Announces $900,000 in Sustainable Infrastructure Investments & Branch Enhancements to Support Detroit’s Econ...
November 16 2017 - 8:00AM
Business Wire
Investments that create energy-efficient
branches, boost small business growth and commercial activity will
help Detroit develop environmentally sustainable solutions
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:
- Branch Retrofit: As part of
JPMorgan Chase’s collaboration with Current, powered by GE to
conduct the world’s largest LED lighting installation and to
install Building Management Systems across branches, the firm is
retrofitting 13 branches in Detroit. The retrofits of branches
across Detroit will cut lighting energy consumption by 50 percent,
electric and gas consumption by 15 percent and water consumption
from irrigation systems by 20 percent.
- Eastside Community Network: To
help tackle the lack of affordable move-in-ready retail space for
small businesses that struggle to manage pollution from storm
water, JPMorgan Chase is supporting the acquisition and rehab of
vacant commercial properties along the Mack Avenue commercial
corridor to revitalize and expand local retail and commercial
businesses and attract new businesses to the area. In addition,
JPMorgan Chase is supporting the efforts of Eastside Community
Network to utilize the vacant space between commercial properties
for the development of green infrastructure that can mitigate
drainage fees.
- The Nature Conservancy: JPMorgan
Chase is supporting The Nature Conservancy’s work with the City of
Detroit and other partners to create a first-of-its-kind Special
Purpose District, akin to a Business Improvement District. The
creation of a Special Purpose District would provide more cost
effective stormwater management services to local businesses and
multiple community and environmental benefits to businesses and
residents, therefore supporting business retention, growth and
employment generation in the dynamic Eastern Market area of the
City.
- Jefferson East: JPMorgan Chase
is working with Jefferson East to accelerate the incorporation of
green building practices, such as the completion of new green
parking lots in vacant land adjacent to commercial properties, into
developments along the Jefferson corridor to create commercial
spaces that aid minority small business owners.
“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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Media:JPMorgan Chase & Co.Amalia Kontesi,
212-270-2376amalia.kontesi@jpmchase.com
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