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ClearTrace and EDF Partner to Provide 24/7 Renewable Energy to JPMorgan Chase’s UK Operations
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
JPMorgan Chase has collaborated with ClearTrace and EDF to ensure that 100% of its UK electricity consumption is matched with renewable energy in real-time. This partnership utilizes blockchain technology for precise tracking and auditing of energy generation and consumption. EDF will provide renewable electricity to power over 3 million square feet of JPMorgan Chase's UK offices, equivalent to nearly 33,000 households. This initiative aligns with JPMorgan Chase's commitment to carbon neutrality and showcases a model for businesses aiming to decarbonize their electricity supply.
Positive
Partnership with ClearTrace and EDF enhances JPM's renewable energy commitment.
100% of electricity consumption in the UK will be matched with renewable sources.
Utilization of blockchain technology for accurate energy tracking.
Annually provides enough renewable electricity for over 3 million square feet of office space.
Negative
None.
Cutting-edge carbon accounting software will ensure 100 percent of JPMorgan Chase’s electricity consumption is matched in real-time to renewable generation
AUSTIN, Texas--(BUSINESS WIRE)--
ClearTrace, a leading energy-tracking and carbon accounting software company, today announced a collaboration with EDF and JPMorgan Chase to ensure that 100% of the electricity consumed by JPMorgan Chase’s UK offices operations are matched in real-time with renewable energy. As part of the deal, EDF, Britain’s largest producer of zero-carbon electricity, will match JPMorgan Chase’s electricity consumption with renewable generation on a 24/7 basis, through source-specific access to EDF’s 8 TWh of Power Purchase Agreement portfolio.
(Photo: Business Wire)
Energy production and consumption will be monitored using blockchain-based energy-tracking technology from ClearTrace to ensure that the electricity consumed is matched digitally, on a half-hourly basis, to renewable generation. This platform will provide an accurate, real-time view into JPMorgan Chase’s carbon footprint enabling auditable, around-the-clock monitoring of energy generation and consumption.
EDF will provide JPMorgan Chase with enough 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. This groundbreaking collaboration will be a model for large businesses looking to decarbonize their electricity supply and significantly improve their carbon footprint through carbon accounting.
“We are delighted to be partnering with JPMC and EDF to deliver half-hourly load-matching of consumption and generation data,” said Lincoln Payton, CEO of ClearTrace. “More and more leading-edge businesses are seeking detailed data and real-time tracking to help them shrink their carbon footprint and prove their progress — we are committed to supporting this transition, helping businesses like JPMC to be more accountable, efficient, and transparent in their energy usage.”
“Thanks to our strength and expertise in renewable PPAs and supply, we have delivered an innovative, tailored solution for JPMorgan Chase,” said Raghav Singh, Head of Large Business at EDF. “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.”
This announcement is part of JPMorgan Chase’s commitment to maintain carbon-neutral operations annually and source renewable energy for 100% of global power needs. The UK-based project is the second agreement between ClearTrace and JPMorgan Chase. In 2020, ClearTrace announced plans to offer a carbon accounting solution in partnership with Brookfield Renewable to provide 24/7 renewable energy generation to JPMorgan Chase’s New York operations.
About ClearTrace
ClearTrace is a leading energy, data, and technology company streaming secure energy data to the world of energy management, ESG reporting, and corporate sustainability. ClearTrace’s digital assets represent the purest form of proof and immutability for the real-world impact of energy generation. ClearTrace allows companies to stand behind their claims of carbon reductions, sustainability, and renewable energy to prevent greenwashing and provide a source of truth for corporate decarbonization. For more information, please visit cleartrace.io or contact info@cleartrace.io.
About JPMorgan Chase JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About EDF
EDF is helping Britain achieve Net Zero by leading the transition to a cleaner, low emission electric future and tackling climate change. We are Britain’s biggest generator of zero carbon electricity – from our eight nuclear power stations and more than thirty wind farms – meeting around one-fifth of the country’s demand. In addition to being one of the largest suppliers to British homes and businesses, we’re a leading supplier of innovative energy solutions that are helping our customers become more energy efficient and independent. We continue to invest in the UK’s low carbon energy infrastructure, constructing the first new nuclear power station in a generation at Hinkley Point C, leading the development of plans for Sizewell C in Suffolk, and construction, planning and development across a range of technologies including onshore and offshore wind, solar and battery storage.
EDF is part of EDF Group, the world’s biggest electricity generator. In the UK we employ around 11,000 people.
