JPMorgan Chase and electricity provider EDF, announced today a new collaboration aimed at enabling the financial services giant to source 100% renewable electricity to power its UK operations.
EDF will provide approximately 120,000 MWh of renewable electricity each year, powering JPMorgan’s more than 3 million square feet of offices across the UK. As part of the agreement, EDF will match JPMorgan’s electricity consumption on a 24/7 basis with renewable generation, with production and consumption monitored using blockchain-based energy-tracking technology from energy data and technology company ClearTrace.
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.”
The agreement follows the launch by JPMorgan of a series of climate and environmental goals earlier this year, including a 2030 target to cut greenhouse gas emissions from the operation of its buildings, branches and data centers by 40%, and to satisfy at least 70% of its renewable energy needs with on-site renewable energy and off-site long-term renewable energy contracts by 2025. The company achieved carbon neutrality in operations last year.
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.”
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