JPMorgan Chase and EDF, Britain’s biggest generator of zero-carbon electricity, today announced (10 November) a collaboration to help power the investment bank’s UK offices with 100 per cent renewable electricity.
The alliance is intended to support the global bank’s commitment to carbon neutrality in its operations.
As part of this pact, JPMorgan Chase’s electricity usage 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 agreement is thought to be a first for UK large business electricity supply. Such structures will enable organisations to take a real-time view of their energy-sourcing and associated carbon footprints.
EDF will provide the bank with about 120,000 MWh of renewable electricity a year to power more than three million square feet of offices across the UK – equivalent to powering nearly 33,000 UK households.
The energy provided to JPMorgan Chase will be monitored using ClearTrace’s patented blockchain-based energy-tracking technology to guarantee that the electricity consumed is matched digitally, in real-time, to renewable generation. The bank will have an accurate and auditable view of its UK carbon footprint, 24 hours a day, 7 days a week.
Raghav Singh, EDF’s head of large business, said: “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 several targets for its operational sustainability, including a commitment to maintaining carbon-neutral operations annually. The firm already supports the development of renewable energy, including installing on-site renewable energy systems and executing long-term renewable energy procurement agreements, and has pledged that these solutions will make up 70 per cent or more of its renewable energy procurement by 2025.
Jon Denial, the bank's chief administrative officer for Europe, the Middle East and Africa, said the collaboration with EDF gives the bank “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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