JPMorgan Chase & Co 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.
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.
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. 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.
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