JPMorgan Chase & Co on Thursday said it would permit 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, Facebook Inc and Hewlett Packard Enterprise Co.
Initiated in April this year, firms 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 firm 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 firms use huge data centers, which consume vast amounts of energy for cooling and ventilation to prevent systems from overheating.
While some companies, consisting of 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.
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