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Taking the Pledge
Joining Leading Tech Companies to Combat Climate Change with Innovation
JPMorgan Chase was the first financial institution to sign the Low Carbon Patent Pledge and join a growing coalition to combat climate change.
By taking the Pledge and making four patents available to anyone using low carbon technologies, JPMorgan Chase is supporting its $2.5 trillion, ten-year commitment to climate action and sustainability initiatives and a goal to align its financial portfolio with the Paris Agreement. The Pledge was founded on Earth Day 2021 by Hewlett Packard Enterprise, Microsoft and Facebook, with the mission to promote low carbon technologies and foster collaborative innovation across industries and institutions.
Fostering a Culture of Innovation
Low-carbon innovations enabled by the Pledge include generating, storing and distributing energy from solar, ocean, hydropower or geothermal sources. JPMorgan Chase is currently pledging patented solutions for cooling and ventilating data centers and increasing HVAC system efficiency by minimizing power consumption. The firm has long led the industry in terms of patenting intellectual property and works to deepen a culture of innovation across tech, business and operations teams firmwide, where employees are encouraged to bring ideas forward and be guided through the patent application process. The firm holds 3,142 patent assets today, all of which began as ideas from employees across the firm.
"Technological innovation will be key for the world to reach the goals of the Paris Agreement," said Head of Intellectual Property Daryl Wooldridge. "At JPMorgan Chase, we are committed to doing our part in advancing the transition to a low carbon economy. Making critical technology available to innovators who are developing solutions that address climate change is critical to that effort."
Partnering for Social Good
The global scientific community says breakthrough technologies will be vital to cutting carbon emissions fast enough to avert climate disaster – and that half the reductions needed to achieve net-zero emissions by 2050 require technologies that are not yet available. Taking the Pledge marks the firm's position in the technology ecosystem as a recognized innovator, as well as an active partner for social good with organizations all over the world.
"Connecting to the external IP ecosystem and creating valuable partnerships with similar leaders in technology and IP is extremely important for us," said Ivan Kirchev, Strategy Manager. "Participating in industry-wide organizations and pledges like this allows us to partner with like-minded leaders in technology, foster collaborative innovation, and facilitate sustainable breakthroughs."
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