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finance
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- Finance: tailored ecological products and services
- Research, develop and launch one new ecological affinity scheme or product in 2002. TARGET ACHIEVED
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commentary
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EXISTING PRODUCTS AND SERVICES
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| Personal i |
| Greenpeace Visa credit card iii |
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| RSPB Visa credit card iii |
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| Energy Efficiency Personal Loans |
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| Six month discount rate Green mortgageiv |
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| Fixed rate Green mortgageiv |
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| Five year capped rate Green mortgageiv |
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| Corporate ii |
| Preferential Banking Package for Environmental Businesses v |
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| GreenLease v |
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| Landfill Tax Credits Scheme Account v |
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| National Centre for Business and Sustainability vi |
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NEW AND FORTHCOMING PRODUCTS AND SERVICES 2002/03
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| Personal i |
| RSPB Platinum Visa credit cards iii |
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| Home Insurance and Motor Insurance for members of The Wildlife Trusts |
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| Three year discount rate Green mortgageiv |
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| Five year tracker Green mortgageiv |
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| Corporate ii |
| European Investment Bank Energy Efficiency Loan Scheme |
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- www.co-operativebank.co.uk/personal
- www.co-operativebank.co.uk/business
- www.co-operativebank.co.uk/personal/personal_affinity_cards.html
- www.co-operativebank.co.uk/mortgages/mortgages_environ.html
- www.co-operativebank.co.uk/business/business_ecology.html
- www.thencbs.co.uk
To follow any of the links mentioned within the Partnership Report 2002, please visit the links page.
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commentary
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Products and Services
During 2002, the following new
ecological products and services were developed and are
being introduced.
- European Investment Bank Energy Efficiency Loan Scheme.
The bank has agreed a £20 million funding scheme with the
European Investment Bank (EIB), which was launched in
January 2003. The Scheme aims to assist Registered Social
Landlords (either Local Authorities or Housing Associations)
and National Health Service (NHS) Trusts in the financing of
energy efficiency projects via the provision of leasing
facilities at preferential rates. The Scheme supports the UK
Government-backed Affordable Warmth Programme, which
has the central objective of tackling fuel poverty. Households
in fuel poverty are defined as having to spend 10% or more
of their income on heating their homes, and number some
6.8 million. Fuel poverty results from factors such as
inefficient heating equipment and low household income.
Cold related illnesses cost the NHS an estimated £1 billion
per year in treatment, and are responsible for the deaths of
some 22,700 older people. By way of example, Dundee City
Council recently agreed £4.5 million under the Scheme for
the installation of new, more energy efficient boilers, for use
in 2,500 council homes.i The scheme may also be utilised to
finance energy efficiency projects outside the Affordable
Warmth Programme, such as the integration of renewable
energy technologies into public buildings and social housing.
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- Wildlife Trusts The bank has reached agreement with The
Wildlife Trusts to promote CIS Home and
Motor Insurance products to the 416,000
members of the UK's forty-seven regional
Wildlife Trusts. The scheme will be launched
in May 2003, and the bank will donate funds
to the appropriate regional wildlife trust in proportion to the
number of policies taken out.
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- Green Mortgages In 2001, the bank reported on the
widening of the its Green Mortgage portfolio to include new
capped and fixed rate products. Uniquely, each and every
one of the mortgages includes a commitment from the bank
to offset a fifth of the carbon dioxide emissions arising from
a typical household's energy consumption - so helping the
UK attain its targets on greenhouse gas reductions of 20%
by 2010. To date, all monies have been passed to Climate
Care who have engaged in reforestation within Uganda
(read more about reforestation in Uganda).
Going forward, consideration will be given to funding
additional projects in Bangladesh (provision of energy
efficient stoves), South Africa (home insulation) and Bulgaria
(micro-hydro electricity). This fulfils the bank's commitment
to look at projects other than forestry when considering
carbon offset programmes. In addition to the obvious
environmental benefits, all prospective projects have
positive social impacts. For example, the provision of energy
efficient stoves will reduce the emissions of harmful
particulates, which are a major cause of respiratory disease
and premature death. In future, as per Customers Who Care
(read more about Customers Who Care), mortgage customers will be consulted on the
dissemination of monies and the positive social and
environmental impact of all programmes will continue to
be monitored.iv
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For each mortgage taken out with the bank, an annual payment is made to support carbon offset projects, such as the rainforest reforestation work undertaken in Kibale National Park, Uganda.
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- Further offset The bank is exploring extending its carbon
offset programme to include car finance loans. Additionally,
such loans would be accompanied with practical advice on
the best means for motorists to further reduce the
environmental impact of their driving.
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- www.co-operativebank.co.uk/news_eib.html
To follow any of the links mentioned within the Partnership Report 2002, please visit the links page.
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new target
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- Research, develop and launch two new ecological affinity schemes or products in 2003.
Jon Lee, Ecological Business Development Manager
- Consult mortgage customers on which programmes they would most like to see their carbon offset monies associated with.
David Lowe, Mortgages Product Manager
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