JPMorgan Chase and EDF announced 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 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.

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.

EDF to Power JPMorgan Chase Operations in UK

Strategic Research Institute

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