JPMorgan Chase to cut emissions 20 per cent in four years

Investment giant vows to undertake major renovation projects across its facilities to bolster energy efficiency and offset all staff flights

Banking giant JPMorgan Chase has upgraded its emission reduction target, pledging to slash emissions by 20 per cent on by 2012 based on 2005 levels.

The company said the target would be achieved through a wide reaching environmental programme, combining improved energy efficiency across its facilities globally, increased purchasing of energy from renewable sources and efforts to educate employees on the value of energy conservation.

In particular, the company said it would invest in more efficient lighting and heating systems and undertake a programme to renovate older buildings with new energy efficient technologies.

The announcement comes just weeks after the bank announced plans to certify up to 30 of its branches with the Leadership in Energy and Environmental Design (LEED) green building standard. Renovations of the JPMorgan Chase headquarters in New York are also underway with the goal of it attaining LEED Platinum certification.

Alongside the new emissions target the firm also committed to offset all carbon emissions arising from employee air travel. It said that all the offsets used "will be of the highest quality standards – combining sustainable development benefits with real, measurable emissions reductions".

The carbon credits are likely to provided by ClimateCare, the UK offsetting specialist JPMorgan acquired earlier this month.