Financial services firm, JPMorgan Chase and energy company, EDF, have announced a collaboration to help power JPMorgan Chase’s UK offices with 100% renewable electricity.
EDF will provide 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, which is the equivalent of powering nearly 33,000 households in the UK.
Raghav Singh, Head of Large Business at EDF said: “Zero carbon electricity will be essential for British businesses to achieve net zero and we are proud to be supporting our customers on their journeys, delivering solutions that meet their diverse requirements.”
The collaboration will see JPMorgan Chase’s electricity consumption matched to renewable generation on a 24/7 basis.
Matching will take place on a half-hourly basis, through source-specific access to EDF’s 8 TWh Power Purchase Agreement (PPA) portfolio.
According to JPMorgan Chase, this type of agreement enables organizations to take a real-time view of their energy sourcing and associated carbon footprint.
The energy provided to JPMorgan Chase will be monitored utilizing ClearTrace’s patented blockchain-based energy-tracking technology to ensure that the electricity consumed is matched digitally, in real-time, to renewable generation.
JPMorgan Chase will have an accurate and auditable view of its carbon footprint, 24 hours a day, 7 days a week.
Jon Denial, Chief Administrative Officer for JPMorgan Chase in Europe, the Middle East and Africa said: “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.”
JPMorgan Chase continues to support the development of renewable energy, including installing on-site renewable energy systems and executing long-term renewable energy procurement agreements and has set a goal that these solutions will make up 70% or more of their renewable energy procurement by 2025.