When it comes to achieving bold sustainability goals, every action counts — a concept that is catching on fast with industry heavy hitters such as JPMorgan and GSK. The two companies have struck up new partnerships with GE and Schneider Electric, respectively, to tackle emissions and resource inefficiencies that threaten to impede their climate progress.
With its sights set on reducing greenhouse gas (GHG) emissions by 50 percent below 2005 levels by 2020, JPMorgan Chase has teamed up with Current, powered by GE to retrofit 4,500 Chase branches across the U.S. with new technology expected to slash total energy consumption by 15 percent and water by 20 percent.
The partnership, which expands upon the companies’ 2016 collaboration on the world’s largest LED lighting installation, will see the installation of new energy management and digital technologies that will bolster both energy and water efficiency. To date, 2,500 branches have been retrofitted with LED lighting, resulting in a 50 percent reduction in lighting energy consumption.
Current’s new AllSites energy management system will utilize sensors, software and lightening controls to help Chase branches reduce electric and gas consumption by 15 percent and water from irrigation systems by 20 percent. The bank is also working with Current to pilot an installation of solar panels at Chase branches in California, with plans to introduce solar technology to thousands of other locations.
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“As we think about the future of our branch and workplace, we’re always looking for smart strategies that make our business and buildings more sustainable,” said David Owen, Chief Administrative Officer of JPMorgan Chase & Co. “This technology will help us run our facilities more efficiently, reduce energy consumption and improve the experience for our clients, customers and employees.”
With the retrofits, Chase’s branches will deploy Current’s latest software applications and its digital partner ecosystem, including apps that improve energy management and HVAC efficiency, irrigation processes and lighting and power system controls. The apps are powered by GE’s Predix technology, the world’s first software platform for the Industrial Internet.
“Our job is to make businesses more efficient and more productive,” said Maryrose Sylvester, President and CEO of Current, powered by GE. “Companies like JPMorgan Chase are showing the immense value that can be achieved at the intersection of energy infrastructure and digital technology and we are excited to continue partnering to shape the future of banking.
Current’s AllSites application provides enterprise-level, cloud-based visibility into energy and HVAC efficiency across thousands of retail branches through Chase’s Network Operations Center. And to reduce water consumption and improve irrigation systems for outdoor plants, Chase branches will utilize an app built by Weathermatic, one of Current’s development partners.
Chase’s new installation complements its ongoing commitment to sustainability, which includes efforts to manage its buildings and branches more efficiently. The bank is on target to reach its 50 percent GHG reduction goal by 2020 and continues to support projects that bring new renewable energy capacity to the grid.
Meanwhile, Schneider Electric has joined forces with GSK to manage an online community that provides the pharmaceutical company’s suppliers with information and tools to improve environmental performance through energy, water and waste management.
GSK has set an ambitious goal to have a carbon-neutral value chain by 2050 and cut emissions 25 percent by 2020. With more than 50 percent of emissions tied to purchased materials and services, GSK saw an opportunity to reduce its environmental impacts by supporting its supplier network in reducing its carbon footprint.
Launched in 2014, the GSK Supplier Exchange is a members-only online community that helps suppliers create positive and tangible environmental change. Seven hundred members representing 360 of GSK’s biggest suppliers currently participate in the Exchange. Schneider Electric will create and curate content for the Supplier Exchange including webinars, case studies, newsletters and Q&As — covering topics from sustainability reporting to renewable energy opportunities.
“GSK recognizes that reducing our carbon footprint requires action across our entire value chain,” said Matt Wilson, Head of the Environmental Sustainability Center of Excellence at GSK. “We found that many of our suppliers may not be entirely sure where to start when it comes to identifying resource conservation opportunities. We have partnered with Schneider Electric to develop sustainability expertise that will help our suppliers expand their knowledge on sustainability topics and practical solutions.”
“It can be challenging for companies with a global footprint to engage in their diverse supplier community and coordinate broad sustainability and efficiency efforts,” said Steve Wilhite, Senior VP of Energy and Sustainability Services at Schneider Electric. “GSK’s approach of building a connected and dynamic community is an ideal way to drive action. We’re excited to use our experience to educate, consult and ultimately deliver carbon reduction and associated savings for GSK and each of the businesses in its value chain.”