The company’s investment is equivalent to 225 million kWh per year, or 75% of its projected US electric utility use in 2010.
A REC purchase ensures that the associated amount of electricity a company or an individual uses is replaced on the power grid with renewable electricity. BNY Mellon has chosen Florida-based NextEra Energy as its REC supplier.
The five-year agreement provides that 100% of the revenue from the company’s purchase will be directed to the EarthEra Renewable Energy trust, which uses all funds received to build new renewable energy projects in the US, such as wind and solar power. These clean resources generate electricity without producing carbon dioxide or other harmful pollutants.
Susan Wickwire, chief of the energy supply and industry branch at Environmental Protection Agency (EPA), said: “EPA commends our leading Partners for their continued commitment to protecting the environment by using green power. By supporting green power, BNY Mellon is reducing its greenhouse gas emissions, supporting clean energy technologies and contributing to a clean energy future.”
Thaddeus Logan, managing director of corporate facilities services at BNY Mellon, said: “Environmental sustainability is one of the core pillars of our corporate social responsibility program. By adopting a ‘greener’ operating model through investments like this, we are helping to drive the development of environmentally sound and sustainable power sources.”
