Chase investing $900K in Detroit infrastructure
Detroit — JPMorgan Chase & Co. on Thursday announced it’s investing $900,000 in building rehabilitation and green infrastructure projects across the city.
The projects, being done in partnership with city development groups, are part of the firm’s $150 million commitment to its clients and Detroit’s continued economic growth, officials said.
“We firmly believe that sustainability lies at the heart of long-term economic growth and we are excited about bringing our expertise in advancing environmentally sustainable solutions to Detroit,” said Matt Arnold, global head of sustainable finance for JPMorgan Chase, in a released statement.
Separately, Chase is retrofitting more than 70 percent of its branches in Detroit with LED lights and new building management systems.
Among the firm’s planned investments:
■A $175,000 investment in the Eastside Community Network’s effort to acquire and rehabilitate vacant property along the Mack Avenue commercial corridor to expand retail. Chase also is aiding in efforts to add green infrastructure between commercial properties to reduce drainage fees.
■A $400,000 contribution toward the creation of a first-of-its-kind business improvement zone with the Nature Conservancy. It would provide stormwater management services in the city’s Eastern Market area.
■Investing $340,000 in a partnership with Jefferson East on green building practices along the Jefferson corridor to aid minority small business owners.
■ LED lighting and building management systems for 13 Chase branches across Detroit in collaboration with Current, powered by GE. It’s expected the retrofits will cut light consumption by 50 percent; electric and gas by 15 percent; and water from irrigation systems by 20 percent.
Thursday’s announcement, officials said, builds on the firm’s past collaborations between the various city development and environmental groups.
“Thanks to JPMorgan Chase’s ongoing financial support and employee volunteering, we will be able to further expand the scope of our organization’s work to help with the development of small businesses along Mack Avenue,” said Donna Givens, Eastside Community Network’s CEO.
Chase announced in July its goal to source renewable power for 100 percent of its global energy needs by 2020 and $200 billion in clean energy financing through 2025.
As part of the commitment, the firm is helping communities in Detroit and other cities better manage sustainability challenges.