Commercial, Sourcing Renewables - November 10, 2021
JPMorgan Inks Deal For RE to Power All UK Offices
JPMorgan Chase will soon power its UK offices with 100% renewable electricity in support of its commitment to maintaining carbon neutral operations.
The financial institution completed an agreement with EDF for approximately 120,000 MWh of renewable electricity every year to power its more than 3 million square feet of office space in the UK. Under the agreement, JPMorgan Chase’s electricity consumption will be matched 24/7 to renewable generation on a half-hour basis through source-specific access to EDF’s 8 TWh of contracted generation.
The energy received by JPMorgan Chase will further be monitored using ClearTrace’s blockchain-based energy-tracking technology to ensure electricity consumption is being matched in real-time.
“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,” Jon Denial, chief administrative officer for JPMorgan Chase in Europe, the Middle East and Africa, said in a statement. “This construct sets a high bar for responsibility and transparency in renewable energy sourcing.”
JP Morgan Chase is pursuing a target to ensure that 70% of its renewable energy procurement comes from new projects like on-site systems and long-term PPAs by 2025. The firm has also set targets to finance and facilitate $2.5 trillion in sustainable development over 10 years and align its financing commitments with the Paris Agreement.
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