A partnership announced last fall between Brookfield Renewable and JPMorgan Chase is setting a new benchmark for corporate sustainability and decarbonization. Featuring a bold target, large scale, and optimized transparency and auditability, the deal has all the hallmarks of a world-class collaboration that sets a higher standard for others to follow.
It all started with JPMorgan Chase’s industry-leading goal to source renewable energy for 100% of its power needs globally by 2020. What followed was the joining together of two leaders in their respective sectors. Brookfield Renewable is after all a leading owner, operator and developer of renewable power in the U.S. and globally, while JPMorgan Chase is among the world’s largest financial institutions.
And then there is the scale of the transaction. Among the largest private owners of hydropower facilities in the nation, Brookfield Renewable is tapping its vast hydropower fleet in New York to provide physical renewable energy and the associated renewable energy certificates over five years to satisfy the power needs for over 500 JPMorgan Chase buildings across New York. The buildings account for 90% of the bank’s operations in the state. As its global headquarters in the financial capital of the world, JPMorgan Chase’s operations in New York make up 8% of its global consumption.