Announced at Climate Week NYC 2017 in New York, global financial institutions Citi and JPMorgan Chase & Co. have joined The Climate Group’s RE100 campaign with CDP, committing to source 100% renewable power across their global operations by 2020.
Also joining the campaign are US drinks company Califia Farms, and UK investment management company Jupiter Asset Management.
110 of the world’s most influential companies are now generating demand for over 150 TWh renewable energy annually – more than enough to power New York State.
Helen Clarkson, Chief Executive Officer, The Climate Group, said:
“This year’s Climate Week NYC is jam-packed with the best examples of corporate leadership – from cleaner, smarter energy choices through to ambitious commitments on electric transport. Companies joining RE100 recognize that renewable power is a smart business decision. Their leadership will help to shape energy markets away from fossil fuels and deliver on the Paris Agreement at speed.”
"We are right alongside our clients in supporting the growth of renewable energy development and production," said Michael Corbat, Chief Executive Officer, Citi. "We're committed to using renewable power sources for our global operations while continuing to provide financing for our clients' renewable energy and energy efficiency projects around the world." The bank is targeting 100% renewable electricity by 2020.
JPMorgan Chase & Co. announced in July that it also plans to go 100% renewable by 2020. Matt Arnold, Global Head of Sustainable Finance, JPMorgan Chase & Co., said the company's commitment – coupled with plans to facilitate $200 billion in clean energy financing to 2025 – is "driven by ‘out-of-the-box’ innovators and a commercial approach that will deliver a more resilient energy supply chain."
Jupiter Asset Management, a leading London-based investment management company, has a goal of sourcing 100% renewable energy for its electricity use by 2018. Maarten Slendebroek, Chief Executive Officer, Jupiter Asset Management, said: "As a long-term active investor, we believe that climate change and energy transition carry risks and opportunities that warrant our attention.”
Califia Farms, a leading provider of 100% plant-based drinks, is committed to sourcing 100% renewable electricity by 2020. Eli Steltenpohl, Sustainability Manager, Califia Farms, said: “We want to show how better-for you products can be produced in a better way, regardless of your industry or footprint."
The eight newcomers to RE100 were announced on stage at ‘VELOCITY – Accelerating Climate Action’, a unique event at Climate Week NYC, which saw The Climate Group partner with VICE Impact, Formula E and Spring Studios to champion ambitious climate action to business and governments.
There were high level speakers from RE100 member companies, including AB InBev, DBS Bank, General Motors, Goldman Sachs, H&M, JPMorgan Chase & Co., Kellogg Company, and Philips Lighting – with H&M also speaking on their EP100 commitment on energy productivity.
Diane Holdorf, Chief Sustainability Officer, Kellogg, said the business risks posed by climate change impacts was a reason to act on renewable energy, and underlined that consumers expect global brands to act responsibly.
David Tulauskas, Director of Sustainability, General Motors, added that young people had high expectations of their employees, and said that GM would power its Ohio and Indiana plants entirely with wind energy - "a fantastic show of commitment", according to The Climate Group's CEO Helen Clarkson.
Michael Norton, Managing Director of Real Estate, JP Morgan highlighted the cost benefits of taking action, and the falling cost of renewables being a key factor in the company’s decision to target 100% renewable power by 2020.
Vanessa Rothschild, Sustainability Business Controller at H&M - a member of both RE100 and EP100, The Climate Group's energy productivity campaign - said: "We want to make fashion sustainable and sustainability fashionable, influencing others too." She continued: "First of all we reduce the amount of energy we use, then ensure what we do use comes from renewable sources."
Anirban Ghosh, Chief Sustainability Officer, Mahindra Group said "RE100 and EP100 work fantastically well together - and for an automaker that makes business sense."
RE100 recently celebrated its 100 members milestone, drawing praise from global climate leaders including Patricia Espinosa, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), and former US Vice President Al Gore.
The Climate Group also launched its new EV100 initiative, to boost the uptake of electric vehicles across the world, and make electric transport the new normal.