Commercial, Demand Management, Energy Efficiency, GHG Emissions - January 16, 2020
JPMorgan enlists blockchain to achieve RE goals
JPMorgan Chase is joining a project to use blockchain to achieve 100% renewable energy consumption by the end of 2020.
The bank’s energy output, usage and environmental indicators, among other metrics, will be tracked using swytchX’s blockchain technology, S&P Global reported Jan. 14. The technology will help improve the tracking and trading of RECs across the market.
According to the publication, JPMorgan and swytchX received an Energy New York Innovation award in November for the project from the New York Energy Consumers Council.
The project will allow greenhouse gas emissions and power use to be more efficiently tracked so as to streamline the process for purchasing and trading RECs to cover the power supply that onsite generation cannot. It will also allow easier compliance with the new New York City Local Law 97, which requires building owners to prove carbon dioxide emission reductions combined with renewable energy production by 2025.
"JPMorgan Chase is committed to utilizing 100% renewable energy sources by the end of 2020 and we are focused on renewable energy generation to help ensure we run a highly sustainable operation," Alec Saltikoff, executive director and global head of sustainability and energy for global real estate at JPMorgan Chase, told S&P Global. "This commitment, innovation in blockchain and innovation in on-site energy use is good for business, our clients and the communities we serve.”
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