The Bank officially turned “off” the switch which previously generated electricity from natural gas for over 27 years at its corporate headquarters on Maurice Bishop Highway in Grand Anse; opting instead for the more environmentally-friendly, photovoltaic (PV) solar system to generate electricity at its head office.
Commenting on the initiative, Acting General Manager – Operations at Republic Bank, Ms. Mavis Mc Burnie said: “Our aim is to totally transition our energy consumption from fossil fuels to renewable energy sources, and thus significantly lessen the total carbon emissions produced by the Bank annually. Republic House was chosen to pilot this project and, with this success, plans are on stream to install PV systems on all buildings where the Bank conducts its operations.”
In October 2020, Republic Financial Holdings Limited, of which Republic Bank Grenada is a subsidiary, signed the United Nations Principles of Responsible Banking, thereby pledging to support global efforts to end poverty, reduce inequality and combat climate change. The Principles of Responsible Banking consist of a single framework for a sustainable banking industry developed through partnership with banks around the world and the United Nations Environment Programme Finance Initiative. Republic Bank’s transition to renewable energy, is in direct alignment to sustainable development goal #13 – Climate Action.
Republic Bank expects to optimize the benefits from this programme, given that its operating hours and maximum load coincides with peak generation, that is, daylight hours. Further, the Bank anticipates less vulnerability to global oil prices volatility, as well as significant reduction in energy costs.