JPMorgan Chase and EDF, an energy business, have announced a partnership to help power JPMorgan Chase’s UK operations with 100 percent renewable energy.
EDF will provide JPMorgan Chase with about 120,000 MWh of renewable energy per year to power more than 3 million square feet of workplaces throughout the UK, which is comparable to powering over 33,000 UK households.
“Zero carbon power will be critical for British businesses to achieve net zero,” said Raghav Singh, Head of Large Business at EDF. “We are happy to be assisting our clients on their journeys, offering solutions that match their different requirements.”
JPMorgan Chase’s power demand will be matched to renewable generation on a 24/7 basis as part of the agreement. Matching will occur every half-hour via source-specific access to EDF’s 8 TWh Power Purchase Agreement (PPA) portfolio.
According to JPMorgan Chase, this sort of arrangement allows firms to see their energy supply and related carbon footprint in real time.
JPMorgan Chase’s energy will be tracked using ClearTrace’s unique blockchain-based energy-tracking system to ensure that the electricity consumed is digitally and in real-time linked to renewable generation.
JPMorgan Chase will have a complete and auditable image of its carbon footprint 24 hours a day, seven days a week.
“We are pleased to collaborate with EDF to deploy this cutting-edge technology, which gives us around-the-clock visibility into our energy consumption and the corresponding renewable generation across our entire UK portfolio,” said Jon Denial, Chief Administrative Officer for JPMorgan Chase in Europe, the Middle East, and Africa.
JPMorgan Chase continues to promote renewable energy development by constructing on-site renewable energy systems and executing long-term renewable energy procurement agreements, with the objective of having these solutions account for 70% or more of their renewable energy purchase by 2025.