NEW YORK, Oct 7 (Businesshala) – JPMorgan Chase & Company (JPM.N) said on Thursday it would allow others to access its intellectual property in hopes of accelerating the transition to low-carbon technology and energy sources.
As part of a joint pledge launched by Microsoft Corp (MSFT.O), Facebook Inc (FB.O) and the bank to efficiently cool and clean its vast data centers available to anyone using low-carbon technologies, Has been making several major patents related to ventilation. Hewlett Packard Enterprise Company (HPE.N).
The companies, which launched in April this year, have shared more than 450 patents as part of the pledge, shedding light on the technology these companies are using to reduce their carbon footprint.
As part of their technological infrastructure, banks and other major companies use huge data centers, which consume large amounts of energy for cooling and ventilation to keep systems from overheating.
While some companies, including JPMorgan, have moved some applications to the public cloud, financial services companies rely largely on private data centers as the most secure option.
JPMorgan does not disclose information about its data centers. But in 2012 it was reported that the bank spent $500 million to build just one centre. The bank’s annual technology budget routinely amounts to about $12 billion.
The bank’s head of intellectual property, Daryl Wooldridge, said the company was providing the patent to support the bank’s commitment to the international Paris climate agreement.
“Making critical technology available to innovators developing solutions that address climate change is critical to that effort,” said Wooldridge.