Bank of New York Mellon (BNY Mellon), a global asset management and securities service, announced that it will purchase 1.125 billion kilowatt-hours (kWh) of renewable energy certificates (RECs) over five years from NextEra Energy Resources. The purchase is estimated to be 225 million kWh annually, which is equivalent to 75 percent of the company's projected U.S. electric utility use in 2010. 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.
As of October 2009, BNY Mellon was ranked at the 36th top purchaser of green power in EPA's Green Power Partnership, purchasing approximately 96 million kWh annually. The Green Power Partnership works with more than 1,100 partner organizations that voluntarily purchase green power to reduce the environmental impacts of conventional electricity use. Overall, the partners buy more than 16 billion kWh of green power annually.
News Article - BNY Mellon Leads Financial Services Industry with Five-Year Renewable Energy Commitment