Fifth Third Bank today announced its purchase of 60 million kilowatt-hours (kWh) of wind power in 2012. Equivalent to 30 percent of the Bank’s projected 2012 electricity consumption, this wind will be sourced from the Lost Creek Wind Farm in DeKalb County in northwest Missouri. As a result of this purchase, the Bank has been inducted into the U.S. Environmental Protection Agency’s 2012 Green Power Leadership Club, joining other organizations that are demonstrating “exemplary environmental leadership.”
This green power purchase is part of Fifth Third Bank’s broader corporate environmental sustainability program. In addition to this support for renewable energy, the Bank is improving the energy performance of the facilities it owns. Between 2007 and 2011, Fifth Third Bank cut electricity consumption 14 percent and natural gas consumption 34 percent at these facilities. Using U.S. average carbon dioxide emissions factors for electric power and natural gas, our 2011 greenhouse gas emission from these sources were 17 percent lower than in 2007.
“We purchased 30 percent green power to support renewable energy and to complement our investments in energy efficiency,” said William J. Moran, senior vice president for Corporate Facilities for Fifth Third Bank. “We also liked sourcing from the Lost Creek Wind Farm because we do business in Missouri.”
“Regional business organizations have an incredible opportunity to lead the way both locally and regionally in reducing the risk of climate change by choosing green power,” said Blaine Collison, director of EPA’s Green Power Partnership. “Fifth Third Bank is an excellent example of a company making a proactive choice to support renewable energy within their corporate footprint, and by extension, reducing carbon emissions and protecting public health. We hope others will follow their lead by voluntarily shifting to renewable energy.”
This purchase places Fifth Third Bank 26th on the EPA’s latest Fortune 500 list of the EPA’s large green power purchasers, up from 51st last year. The purchase also earns it membership in the EPA Green Power Partnership’s Leadership Club. EPA’s Green Power Leadership Club is part of the EPA’s voluntary Green Power Partnership program that recognizes organizations that demonstrate exemplary environmental performance by purchasing 10 times the Partnership’s minimum purchase requirements.
According to the EPA, Fifth Third Bank’s green power purchase of 60 million kWh will avoid an estimated 53,294 metric tons of carbon dioxide (CO2), which is equivalent to the greenhouse gas emissions of more than 10,000 passenger vehicles per year, or the CO2 emissions from the electricity use of more than 6,000 average American homes annually.
Fifth Third Bank worked with New York-based green power supplier Greenlight Energy Group to obtain renewable energy certificates (RECs) from the Lost Creek Wind Farm. Each REC purchased by the Bank represents the generation of one megawatt-hour (MWh) of electricity production at Lost Creek and transfers with it all of the positive environmental benefits arising from renewable energy production, namely the avoidance of carbon dioxide, a key greenhouse gas. Because RECs are not tied to the physical delivery of electrons, they allow organizations to purchase green power from suppliers other than their local electricity provider. RECs also help overcome a major barrier to renewable energy development—the fact that the best renewable resources may not be located close to population centers. All of the wind supplied by Greenlight Energy Group is certified by the non-profit Center for Resource Solutions’ Green-e-Energy certification program, ensuring that RECs are sourced from new renewable generators that meet strict environmental and consumer protection standards.
For more information on Fifth Third Bank’s environmental sustainability efforts, please see the Bank’s Corporate Social Responsibility Report at www.53.com/csrreport.
Greenlight Energy Group is the first and only woman-owned renewable energy marketing company in the U.S. Industry pioneers since 2003, its founders have transacted over five billion kWh of RECs over their careers with some of the world’s most recognizable brands. Helping clients support renewables, reduce emissions and drive sustainability through their operations is core to Greenlight Energy’s mission. For more information, call (518) 499-3555 or go to www.gltenergy.com.
The EPA Green Power Partnership is a voluntary program that encourages organizations to buy green power as a way to reduce the environmental impacts associated with electricity use. The Partnership currently has more than 1,300 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, visit www.epa.gov/greenpower.
Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $118 billion in assets and operates 15 affiliates with 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,408 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2012, had $296 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol ‘FITB.’ Fifth Third Bank. Member FDIC.
SOURCE: Fifth Third Bancorp