Asset Management, Wind Power

Canada’s RBC Financial Purchases Green Power

Ontario Power Generation (OPG) has welcomed RBC Financial Group (RBC) as a partner in its Green Power initiative, joining the growing ranks of Ontario-based companies that are showing leadership by demonstrating their tangible commitment to a cleaner planet by purchasing power that is certified “green.”

TORONTO, Ontario – June 7, 2002 [] “At RBC Financial Group, we are pleased to be contributing to a cleaner environment through our support for electricity generated from renewable sources,” said John E. Davey, national manager, Standards, Policies & Technical Support. “We understand that a healthy economy relies on a healthy environment and community. We are very excited that up to 890 tons of greenhouse gases and 4.7 tons of acid gases – which include smog forming emissions – can be avoided through this purchase of Evergreen Clean(TM) electricity.” RBC is also dedicated to shaping its policies and actions to meet the needs of the present without compromising those of the future. This commitment is described in the RBC Policy on the Environment, which forms the framework upon which is based its environmental management programs. In order to build on that framework, RBC has committed to two international environmental stewardship and sustainable development programs: the UNEP (United Nations Environment Program) Financial Institutions Initiative on the Environment, and the International Chamber of Commerce Business Charter for Sustainable Development. An active member of the Environmental Bankers Association and the Environmental Issues Committee of the Canadian Bankers Association (CBA), RBC is the only Canadian bank to be a component of the Dow Jones Sustainability Index, the first index tracking the performance of sustainability-driven companies. Green power is electricity that is generated using clean, renewable resources such as wind, solar, biomass, and small hydro. OPG Green Power is drawn from a renewable energy pool that is expected to grow to two per cent of OPG production by 2005. OPG Green Power is generated exclusively at facilities that are EcoLogo(M) certified or the equivalent, and that exceed the rigorous requirements as outlined by federal legislation. All OPG additions of Green Power to the Ontario grid on behalf of customers are tracked, verified, and subject to audit by an independent third party. OPG is selling environmentally friendly electricity directly to large industrial and commercial organizations and to energy resellers. It does not supply the residential market directly.