EDF and JPMorgan Chase collaborate to power the firm’s UK operations with 100 percent renewable energy in real time
JPMorgan Chase set out a pledge in October 2020 to accelerate change by aligning the targets of their financing portfolio to those of the Paris Agreement, taking the necessary actions to achieve net zero emissions by 2050.
One of their key sustainability commitments is to maintain carbon neutral operations annually. As Britain’s biggest generator of zero carbon electricity, EDF were able to support JPMorgan Chase with this commitment by providing 100% renewable energy supply to their UK offices 24/7. This means the electricity consumed is matched in real time to renewable generation. Matching takes place on a half-hourly basis, through source-specific access to EDF’s 8 TWh Power Purchase Agreement (PPA) portfolio.
This partnership provides JPMorgan Chase with approximately 120,000 MWh of renewable electricity each year to power more than 3 million square feet of offices across the UK. This amounts to the equivalent of powering nearly 33,000 households in the UK.
This tailored solution is thought to be a first for UK large business electricity supply. The energy provided to JPMorgan Chase will be monitored utilising ClearTrace’s patented blockchain-based energy-tracking technology to ensure that the electricity consumed is matched digitally, in real-time, to renewable generation. As such, JPMorgan Chase will have an accurate and auditable view of their carbon footprint, 24 hours a day, 7 days a week.
By collaborating with EDF, JPMorgan Chase have been able to take an important and impactful step on their journey to Net Zero, supporting their commitments and accelerating change towards zero carbon emissions in the UK.
Quote from Jon Denial, Chief Administrative Officer for JPMorgan Chase in Europe, the Middle East and Africa:
“We are pleased to collaborate with EDF to deploy this leading-edge technology, which gives us around-the-clock visibility into our energy consumption and the corresponding renewable generation across our entire UK portfolio. This construct sets a high bar for responsibility and transparency in renewable energy sourcing.”
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