|Date joined:||14 August, 2019|
|Initiatives:||Net Zero Banking Alliance and Principles for Responsible Banking|
|Reports:||Mar 21 Mar 22|
As a member-owned financial institution operating throughout the UK, Ecology’s mission is to build a greener society for a shared sustainable future, and a commitment to sustainable development is enshrined in our memorandum. The Building Society provides mortgages for properties and projects that have a positive environmental or social impact including supporting energy-efficient buildings and renovations, and sustainable communities. Its loans are funded through a range of simple, transparent ethical savings accounts. Ecology’s pioneering range of C-Change discounts incentivise energy-efficiency by reducing the interest rate based on the property’s energy performance. Ecology is also a leading lender for community-led housing which typically deliver affordable and comfortable energy-efficient homes, reducing bills, tackling fuel-poverty as well as decarbonising housing.
As part of Ecology Building Society’s wider commitment to sustainable development, it is working to reduce its carbon footprint and resource use. It aligns business practices with the UN Sustainable Development Goals, so operates from low energy premises, is a living wage employer, conducts a fair pay policy, supports fair tax practices and works to minimise the environmental impact of products and processes. The building society hold that the best way to address climate risk to its assets is to design products to address the Climate Crisis directly, so in addition to lending for energy-efficient housing, it lend to small-scale agriculture, environmental businesses and for woodland creation. As one of the UK’s most profitable building societies, Ecology has demonstrated that a single-minded commitment to environment-conscious lending practices balancing environmental and social objectives leads to economic benefits demonstrated by our strong balance sheet.
“We believe we have an imperative to agitate for positive change in the financial system to create an economy that works for people and planet. Collaboration in the UNEP FI serves to amplify our efforts, and will help drive the systemic global change that is sorely needed,” Paul Ellis, CEO, Ecology Building Society
Sustainability/integrated report and web link Positive environmental impact included in Annual Review 2018