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Banks put $13M in carbon offset fund

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The Greening Canada Fund for purchasing carbon offset credits from projects across Canada has received $13 million in investments from two major banks.

BMO Financial Group (TSX: BMO) is making an initial investment of $10 million and TD Bank Financial Group (TSX: TD) is investing $3 million in the fund, which is being managed by Green Power Action Inc.

Securities of the fund will be offered to selected investors only.

The fund will provide a way for organizations to recoup up to 20 per cent of the capital cost of so-called green projects by private, public and not-for-profit sector organizations across Canada.

“For example, a $1 million retrofit might generate $200,000 worth of carbon offset credits over its life, in addition to energy savings. Through our purchases, these types of projects become more economically feasible,” Gerry Rocchi, chief executive officer of Green Power Action.

In addition to the financial investments in Greening Canada, both BMO and TD have undertaken a number of initiatives to use less energy overall while increasing the amount of energy from renewable resources.

Bank of Montreal says it buys more than 23,800 megawatt hours of electricity annually from Bullfrog Power, which markets energy from clean, renewable sources like wind and water

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