The impact on the environment from financial services operations may be modest compared to some more resource and carbon intensive industries such as power generation, heavy manufacturing or mining. Nevertheless, at JPMorgan Chase, we have almost 240,000 employees working in more than 60 countries. Globally, we occupy more than 70 million square feet of space, including more than 5,000 bank branches in the U.S. On average, each day our operations use more than 20,000 cubic meters of water and result in the emission of more than 3,000 metric tons of greenhouse gases (not including air travel or employee commuting). We take seriously the need to manage our use of resources. Find out what we are doing to shrink our environmental footprint.
Reducing our Emissions
In 2008, JPMorgan Chase committed to reducing its greenhouse gas emissions 20% by 2012 compared to 2005. We are currently well on our way to achieving that goal. We are reducing the carbon footprint from energy use by optimizing the use of space for business needs as well as through a combination of energy efficiency measures throughout our real estate portfolio; and through green construction, retrofits and renewable energy certificates. We are also offsetting 100% of the emissions from the firm's air travel with carbon credits, as we have been doing every year since 2008.
Greening JPMorgan Chase's World Headquarters
Leading by Example Matters
The renovation of our global corporate headquarters is making a statement. JPMorgan Chase is undertaking what may be the world's largest Leadership in Energy and Environmental Design (LEED) Platinum renovation of an existing building at its corporate headquarters at 270 Park Avenue, in New York City. This 50-story, 1.3-million-square-foot office building currently is undergoing a major renovation in five stages that is scheduled to be completed in 2011. The design seeks to attain the highest sustainability rating — Platinum — for renovations of existing buildings under the U.S. Green Building Council's LEED rating system.
Achieving Platinum LEED certification is a complex process, but many of the measures taken are just common sense: tinted windows that reduce heat gain in summer; HVAC systems optimized to run only when necessary; building materials sourced locally whenever possible; and high efficiency lighting. By highlighting our efforts and working with our contractors, we hope to play a small role in transforming and expanding the market for sustainable commercial buildings.
Greening our Branches
Our extensive retail branch network gives JPMorgan Chase a great opportunity to promote greener building practices. Chase's Building Green program brought the total number of branches built with smart and responsible construction practices to almost 200 at year-end 2010, including 13 LEED certified retail branches. Chase's Building Green program, which is based on the LEED system, covers the important focus areas for construction such as site selection, energy efficiency, construction and finish materials, indoor environment and water conservation. Chase applies these standards, which go beyond standard construction practices as a minimum in all new branch construction. And while branch conversions and renovations pose a challenge because the shell of the building usually remains unmodified, Chase's Building Green program incorporates many interior finish options that typically improve indoor air quality, use recycled materials and increase energy efficiency.
Greening our Supply Chain
As part of the commitment to manage our operations in a more sustainable manner and to reduce greenhouse gas emissions, JPMorgan Chase recognizes that its suppliers can play an important role in helping to achieve those goals. Since the manufacture, transportation, use and disposal of products can have an impact on human and environmental health, it is our intention to evaluate opportunities to increase sourcing of environmentally preferable products. As appropriate, environmentally preferable products may include, for example, those with reduced toxicity, higher durability, use of recycled content, better product recyclability, and a lifecycle of reduced energy, water, and waste impacts.
We encourage our suppliers join us in our sustainability efforts by having effective environmental policies and management practices in place, and by communicating the importance of and encouraging environmental stewardship with their own suppliers.
Paper Procurement and Reduction at Source
JPMorgan Chase is working to maximize the use of environmentally preferable paper, such as post-consumer waste recycled content paper, as well as paper supplied from independent third-party certified, well managed forests. We will also work to reduce paper use at source where possible, for example by utilizing duplex printing on copiers and office printers, and through the "electronification" of paper statements in 2010: