JPMorgan shares patents to spur low-carbon technology development

JPMorgan Chase & Co (JPM.N) on Thursday said it would allow others to use its intellectual property in hopes of speeding up the transition to low-carbon technology and energy sources.

The bank is making several key patents related to how it efficiently cools and ventilates its massive data centers available to anyone using low carbon technologies as part of a joint pledge initiated by Microsoft Corp (MSFT.O), Facebook Inc (FB.O) and Hewlett Packard Enterprise Co (HPE.N).

Launched in April this year, companies have shared more than 450 patents as part of the pledge, shining a light on the technology these companies are using to mitigate their carbon footprints.

Majid Al Futtaim and enterprise software company Micro Focus also shared patents on Thursday, including Micro Focus’s patents related to wind turbine management technology.

As part of their technology infrastructure, JPMorgan and other major companies use huge data centers, which consume vast amounts of energy for cooling and ventilation to prevent systems from overheating.

While some companies, including JPMorgan, have moved some applications to a public cloud, financial services companies have remained largely reliant on private data centers because they are considered the most secure option.

JPMorgan does not disclose information about its data centers. But it was reported in 2012 that the bank spent $500 million to build just one center. The bank’s annual technology budget regularly runs around $12 billion.

The bank’s head of intellectual property Daryl Wooldridge said the company was making the patents available to back up the bank’s commitment to the international Paris climate accord.

“Making critical technology available to innovators who are developing solutions that address climate change is critical to that effort,” said Wooldridge.