2011 Corporate Responsibility Report - JPMorgan Chase

62
“The Salt Palace Convention
Center rooftop solar panel
installation project was made
possible by an unprecedented
private-public partnership and
serves as an example of the
significant and untapped solar
potential in the state of Utah.”
Peter Corroon, Mayor, Salt Lake County
Global Corporate Bank. The online training
module will play an integral part in further
expanding our employees’ understanding
of and commitment to addressing the
environmental and social risks associated
with lending and investment activities.
FINANCING SUSTAINABLE
SOLUTIONS
JPMorgan Chase is a market leader in
the financing of solutions to improve
environmental sustainability. We offer
products and services, including advisory,
capital raising, research, sales, trading and
derivatives, focused on meeting energy
needs with lower environmental impact,
reducing the consumption of energy
and natural resources, improving energy
efficiency in the built environment and
reducing greenhouse gas emissions.
JPMORGAN CHASE & CO.
Renewable Energy Investments
In 2011, JPMorgan Chase continued
to lead in the wind tax equity market,
providing and arranging for more than
$1.3 billion for renewable energy. We
financed 15 wind farms with an installed
capacity of 1,367 megawatts (MW), 12
solar projects totaling nine MW and four
geothermal projects representing 52 MW.
Since 2003, the firm invested $3.8 billion
and, over the same period, arranged an
additional $3.9 billion in financing from other
institutions for 78 wind farms in 19 states,
12 photovoltaic sites, one 64 MW solar
thermal facility and 4 geothermal projects.
The total installed capacity of more than
7,700 MW of wind, solar and geothermal
in which JPMorgan Chase has invested can
power close to 2.25 million homes.
Innovative New Markets Tax Credit Investments
In addition to traditional tax equity funding,
Chase uses the New Markets Tax Credit to
finance a variety of projects that improve
sustainability in low-income communities.
Our 2011 projects include an Environmental
Innovation Center in San Jose, California,
and the installation of a 28 MW biomassfired
power plant at a paper mill in
Dickinson County, Michigan. By reducing
the demand for carbon-intensive electricity
from the grid, the biomass power plant
reduces carbon emissions and creates a
source of green power for other consumers
when the plant’s demand is low.
We also provided $7 million in financing
for the Salt Palace Convention Center
rooftop solar panel installation. The Salt
Palace project represents one of the largest
rooftop solar installations in the U.S., with
over 4.5 acres of solar panels that are
estimated to save upwards of $2.4 million
in energy costs over the life of the panels.
The project also serves as a model for
municipalities across the county that are
committed to harnessing renewable energy.
Alternative Energy Banking
J.P. Morgan provides alternative energy
banking advisory services and financing
for a range of clients and technologies that
produce renewable energy, reduce energy
consumption through a smarter electrical
grid and improve building efficiency. During
2011, J.P. Morgan was involved in more
than $5.9 billion in transactions involving
cleantech and sustainable businesses,
products and services.
We are fortunate to see rising living
standards around the globe, but that
success also creates new challenges and
opportunities in supplying sustainable energy
and food. J.P. Morgan helps companies
that are trying to address these challenges.
In 2011, we acted as exclusive advisor to
Natureworks, which produces plastics from
plants instead of petroleum, in its sale of a
50% interest to PTTCH, a Thai company. In
addition, we advised Dupont in its acquisition
of Danisco, a food and enzyme producer