JPMorgan Chase has announced that 100% of the electricity consumed by its UK offices operations are matched in real-time with renewable energy. As part of the deal, EDF, Britain’s largest producer of zero-carbon electricity, will match JPMorgan Chase’s electricity consumption with renewable generation on a 24/7 basis, through source-specific access to EDF’s 8 TWh of Power Purchase Agreement portfolio. ClearTrace, an energy-tracking and carbon accounting software company, will also collaborate with EDF and JPMorgan Chase.
Energy production and consumption will be monitored using blockchain-based energy-tracking technology from ClearTrace to ensure that the electricity consumed is matched digitally, on a half-hourly basis, to renewable generation. This platform will provide an accurate, real-time view into JPMorgan Chase’s carbon footprint enabling auditable, around-the-clock monitoring of energy generation and consumption.
EDF will provide JPMorgan Chase with enough renewable electricity each year to power more than 3 million square feet of offices across the UK. The companies involved hope this collaboration will be a model for large businesses looking to decarbonize their electricity supply and significantly improve their carbon footprint through carbon accounting.
In August, JPMorgan Chase Commercial Banking launched a “Green Economy” specialized industry team, which will provide dedicated banking services and expertise to companies that produce environmentally friendly goods and services or focus on environmental conservation.
And one year ago, the banking behemoth announced its adoption of a financing commitment that is aligned to the goals of the Paris Agreement. As part of its strategy, the firm intends to help clients navigate the challenges and capitalize on the long-term economic and environmental benefits of transitioning to a low-carbon world.
This most recent announcement is part of JPMorgan Chase’s commitment to maintain carbon-neutral operations annually and source renewable energy for 100% of global power needs.
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November 11, 2021 at 10:57PM
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100% of JPMorgan Chase's UK Electricity Consumption to be Offset by Renewable Energy - Environment + Energy Leader
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