Comerica Bank, a Dallas-based bank with branches throughout Michigan and its main state office in Detroit, has announced the expansion of its Environmental Services Department (ESD) with the introduction of a new group dedicated to growing and supporting its renewable energy business.
Matt Breight, senior vice president and ESD group manager, has been appointed to lead the new renewable energy solutions group. Since the department’s origination in 2006, Comerica’s ESD has seen significant achievements in the renewable energy space.
In recent years, its experience in financing landfill gas and biomass has naturally evolved into financing independent renewable energy generators for other forms of renewables, including those involved in the solar, wind, and anaerobic digestion industries.
“Over the past decade we’ve developed deep industry expertise within ESD supporting companies that produce renewable energy from certain sources like landfill gas,” says Joe Ursuy, senior vice president and director of environmental services at Comerica. “While waste and recycling remain ESD’s steadfast foundation, we feel it makes sense to target the broader renewable sector with our proven relationship banking model, combined with a strong leader in Matt.”
“We will continue to invest in both our waste and recycling business along with our new renewable energy group. In addition, we continue to support and collaborate with associations and nonprofits like The Coalition for Renewable Natural Gas and the Environmental Research and Education Foundation to advance sustainability and improve industry practices.”
By consolidating related efforts from across the organization under one umbrella, the Renewable Energy Solutions group also allows Comerica to better align credit resources, including underwriting and approval, drive greater organizational consistency, and benefit its broader sustainability objectives by driving green loan growth and improving the accuracy of data related to the bank’s renewable efforts.
In addition to its membership in the Coalition for Renewable Natural Gas, Comerica is also a member of the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.
“Comerica, a long-time member of the Coalition for Renewable Natural Gas, has a proven track record when it comes to ethics, commitment to and expertise in working with renewable energy businesses,” says Johannes Escudero, founder and CEO of the Coalition for Renewable Natural Gas. “I am excited to see this increased investment in the renewable energy industry, as I envision it will further help support our goal of ensuring present and future generations will have access to domestic, renewable, clean fuel and energy.”