BNY Mellon Leads Financial Services Industry with Five-Year Renewable Energy Commitment
January 19 2010 - 9:30AM
PR Newswire (US)
Purchase Covers 75 Percent of BNY Mellon's U.S. Electric
Consumption NEW YORK, Jan. 19 /PRNewswire-FirstCall/ -- BNY Mellon
(NYSE:BK), the global leader in asset management and securities
servicing, announced today that it will purchase 1.125 million
Renewable Energy Credits, or RECs, from NextEra Energy Resources as
part of a five-year investment in alternative energy. BNY Mellon's
investment is equivalent to 225 million kilowatt-hours (kWh) per
year, or 75 percent of the company's projected U.S. electric
utility use in 2010. As a result of BNY Mellon's investment, and
based on a national average emissions rate, the company will avoid
the indirect carbon dioxide (CO2) emissions of more than 30,000
passenger vehicles per year, or the equivalent amount of
electricity needed to power more than 20,000 average American homes
annually. 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 Resources, North America's largest
producer of wind and solar power, as its REC supplier. The
five-year agreement provides that 100 percent 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 United States, such as wind and solar power.
These clean resources generate electricity without producing carbon
dioxide or other harmful pollutants. "EPA commends our leading
Partners for their continued commitment to protecting the
environment by using green power," said Susan Wickwire, Chief of
the Energy Supply and Industry Branch, Environmental Protection
Agency. "By supporting green power, BNY Mellon is reducing its
greenhouse gas emissions, supporting clean energy technologies and
contributing to a clean energy future." BNY Mellon's voluntary
investment in green power supports the U.S. EPA's Fortune 500 Green
Power Challenge in which Fortune 500 Corporations have been
challenged to collectively purchase 10 billion kWh of green power.
BNY Mellon's purchase of RECs is among the largest to date by a
global financial services company and places it into the EPA's
Green Power Leadership Club, whose members purchase 10 times the
Partnership's minimum requirement. "Environmental sustainability is
one of the core pillars of our corporate social responsibility
program," said Thaddeus "Chip" Logan, managing director of BNY
Mellon's corporate facilities services division. "By adopting a
'greener' operating model through investments like this, we are
helping to drive the development of environmentally sound and
sustainable power sources." BNY Mellon's commitment to
environmental sustainability extends corporate-wide with a host of
successful initiatives designed to reduce energy consumption, such
as the EPA's ENERGY STAR award and the U.S. Green Building
Council's LEED certification programs. The company also provides
environmental investment products and services to the financial
markets, and has established an employee culture that values and
recognizes the benefits of environmentally sustainable operations.
In 2006, BNY Mellon created the first Voluntary Carbon Offset
Registry and Custody platform, which supports the trading and
settlement of Carbon Offset credits, globally, using the Voluntary
Carbon Standard. Additionally, the company estimates that its
portfolio of ENERGY STAR-rated commercial properties alone has
resulted in a reduction of more than a 31 million kWh of greenhouse
gases, which is the equivalent of 22,000 metric tons of CO2 or
removing more than 4,200 "average" cars from the roads per year.
Notes to Editors: The calculation of kWh stated in this news
release is an estimate based on BNY Mellon's projected 2010
electrical utility usage, as well as its actual 2008 and 2009
usage. About EPA's Green Power Partnership The Green Power
Partnership is a voluntary program that encourages organizations to
buy green power as a way to reduce the environmental impacts
associated with purchased electricity use. The Partnership
currently has more than 1,200 Partner organizations voluntarily
purchasing billions of kilowatt-hours of green power annually.
Partners include a wide variety of leading organizations such as
Fortune 500 companies, small- and medium-sized businesses, local,
state and federal governments, and colleges and universities. For
additional information, please visit http://www.epa.gov/greenpower
. About NextEra Energy Resources NextEra Energy Resources is a
clean energy leader and one of the largest competitive energy
suppliers in North America. A subsidiary of Juno Beach, Fla.-based
FPL Group (NYSE:FPL), NextEra Energy Resources is the largest
generator in North America of renewable energy from the wind and
sun. It operates clean, emissions-free nuclear power generation
facilities in New Hampshire, Iowa and Wisconsin as part of the FPL
Group nuclear fleet, which is the third largest in the U.S. FPL
Group had 2008 revenues of more than $16 billion, approximately
39,000 megawatts of generating capacity, and more than 15,000
employees in 27 states and Canada. For more information, visit
these Web sites: http://www.nexteraenergyresources.com/,
http://www.fplgroup.com/. About BNY Mellon BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $22.1 trillion in assets
under custody and administration and $966 billion in assets under
management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at bnymellon.com. DATASOURCE:
BNY Mellon CONTACT: Lane M. Cigna, +1-412-234-0575, Web Site:
http://www.bnymellon.com/
Copyright