Co-op’s green mortgages get government approval

Elliot Morley, minister of state for climate change and environment has backed the Co-operative Bank’s ‘green’ mortgages as an “innovative example” of how business partnering with consumers can make a sustainable difference.

The Co-operative Bank said that during the next 12 months its green mortgages will contribute in the region of £250,000 to tackle climate change.

Money raised will help replant forest in Uganda, provide fuel-efficient cooking stoves to the poor of Madagascar and lead to the generation of renewable energy in India.

Mr Morley said: “Government alone cannot deliver the changes needed to make the transition to a low carbon economy. Business and individuals need to make a contribution in terms of becoming more energy efficient as well.

“The Co-operative Bank mortgage initiative is an innovative example of business partnering with consumers to make a sustainable difference. I’d like to see more businesses follow The Co-operative Bank’s lead by exploring ways of building such features into their products and services.”

Since the bank launched the green mortgages in 2000, it is estimated that it has offset almost 200,000 tonnes of carbon dioxide on behalf of customers, enough to fill 39,000 hot air balloons.

The Co-operative Bank offers a range of fixed, discount and tracker mortgages with competitive rates, all of which include the Climate Care donation.

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