JPMorgan Chase and EDF, Britain’s biggest generator of zero-carbon electricity, announced today a collaboration to help power JPMorgan Chase’s UK offices with 100 percent renewable electricity in support of its commitment to carbon neutrality in its operations.
As part of this effort, JPMorgan Chase’s electricity consumption will be 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 of Power Purchase Agreement (PPA) portfolio.
This bespoke agreement is thought to be a first for UK large business electricity supply. Such innovative structures will enable organisations to take a real-time view of their energy sourcing and associated carbon footprint.
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.
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. JPMorgan Chase will have an accurate and auditable view of their carbon footprint, 24 hours a day, 7 days a week.
Raghav Singh, Head of Large Business at EDF said: “We are delighted to be working with JPMorgan Chase and supporting them with their sustainability commitments. Thanks to our strength and expertise in renewable PPAs and supply, we have delivered an innovative, tailored solution for JPMorgan Chase. 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.”
JPMorgan Chase has set a number of targets to drive progress on operational sustainability, including a commitment to maintain carbon neutral operations annually. The firm 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 per cent or more of their renewable energy procurement by 2025.
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. This construct sets a high bar for responsibility and transparency in renewable energy sourcing.”
JPMorgan Chase is committed to helping facilitate the transition to a low-carbon world. The firm strives to promote a sustainable and inclusive economy through its Paris-aligned financing commitment that includes carbon reduction targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors, and its target to finance and facilitate $2.5 trillion in sustainable development over ten years.