Canadian Bank of Commerce Buys Green Power

In another example of increasing corporate support for renewable energy, Ontario Power Generation (OPG), a generator and seller of electricity, announced that Canadian Imperial Bank of Commerce (CIBC) has purchased OPG Evergreen Energy Green Power. Over the next year, CIBC will buy 2,000 MWh of Green Power (electricity produced from renewable sources such as wind, low-impact hydroelectric, biomass and solar) from OPG for use at its offices in Toronto.

Toronto, Ontario – September 24, 2003 [] “We all have a responsibility to do our part in reducing the impact of business activities on the environment,” said Ann Browne, CIBC’s Vice-President of Corporate Real Estate. “We will continue to identify opportunities like this that are consistent with CIBC’s longstanding commitment to protect the environment.” Pete Sprukulis, Vice-President, Marketing at Ontario Power Generation, says that the decision by CIBC to incorporate Green Power into its energy plans is part of a growing corporate awareness of environmental stewardship. “These days, more and more companies have embraced sustainable development as an integral part of their corporate-citizenship program,” said Sprukulis. “And these companies understand that purchasing OPG Evergreen Energy Green Power can provide a visible demonstration of environmental commitment and contribute to the further development of the renewable energy sector.” CIBC was the first bank within the Canadian financial services industry to establish an Environmental Risk Group in 1991, and shortly afterwards began development of an integrated corporate-wide environmental management program. More recently, the bank was selected for listing on the Dow Jones Sustainability World Index, which tracks the financial performance of the leading sustainability-driven companies worldwide. OPG Green Power is generated exclusively at facilities that have been EcoLogo-certified, or equivalent, under the Canadian government’s Environmental Choice Program. All OPG injections of Green Power into the Ontario grid on behalf of customers will be tracked, verified, and audited, if necessary, by an independent third party. OPG sells environmentally friendly electricity directly to large industrial and commercial organizations and to energy resellers. It does not supply the residential market directly.
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