NEW YORK, Oct. 7 (Reuters) – JPMorgan Chase & Co (JPM.N) said Thursday it would allow others to use its intellectual property in hopes of accelerating the transition to low-carbon technologies and energy sources.
The bank holds several key patents related to the efficient cooling and ventilation of its huge data centers available to all who use low carbon technologies as part of a shared commitment by Microsoft Corp. (MSFT.O), Facebook Inc (FB.O) and Hewlett Packard Enterprise Co (HPE.N).
Founded in April this year, as part of the pledge, companies have shared more than 450 patents shedding light on the technology these companies are using to reduce their carbon footprint.
Majid Al Futtaim and enterprise software company Micro Focus also shared patents Thursday, including Micro Focus patents related to wind turbine management technology.
As part of their technology infrastructure, JPMorgan and other large companies use huge data centers that consume large amounts of energy for cooling and ventilation to keep systems from overheating.
While some companies, including JPMorgan, have moved some applications to a public cloud, financial services companies continue to rely largely on private data centers as they are considered the most secure option.
JPMorgan does not disclose any information about its data centers. However, in 2012 it was reported that the bank spent $ 500 million on building just one center. The bank’s annual technology budget regularly runs to around $ 12 billion.
The bank’s head of intellectual property, Daryl Wooldridge, said the company is providing the patents to underpin the bank’s commitment to the Paris International Climate Agreement.
“Innovators developing solutions to climate change, delivering critical technology, is critical to this effort,” said Wooldridge.
Reporting by Elizabeth Dilts Marshall; Editing by Emelia Sithole-Matarise and Nick Zieminski
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