Banking news
Green is the colour of our money
22 March, 2007
The cartoonish stereotype of emerald coloured bank notes is beginning to come true as consumers turn their money green, although not the in the literal way you’d immediately think of
Brits are embracing the eco-generation with the vast majority plumping for an environmentally friendly product when given the choice in order to combat climate change.
Co-operative Financial Services are 100 per cent behind this lifestyle choice, offering a range of products to suit even the greenest of tastes.
For every mortgage on its books, the Co-operative Bank make a donation to an organisation dedicated to fighting climate change. Since it launched green mortgages in 2000, the amount donated by the end of the year will reach almost £1.5million. Customers will also receive a free Home Energy Report with their valuation
Co-operative insurance also offers customers a socially responsible investment (SRI) which invests in companies that are having a positive impact on society and the environment. In addition, all its UK equities are covered by a unique Ethical Engagement Policy based on the views of customers, which it uses to improve the social, environmental and ethical performance of companies it invests in.
As the first provider to launch a green motor insurance product with a host of environmentally friendly features, Co-operative Insurance also offsets the equivalent of 20 per cent of the CO2 from every vehicle insured under this scheme, and there are further discounts for eco-cars.
The Co-operative Bank offers a wide range of charity credit cards, which make a donation on opening an account with further contributions made depending on the usage of the card. They are provided in partnership with leading charities, including Oxfam, Greenpeace and Amnesty International.
Alongside these environmentally conscious products, Co-operative Insurance was the first to offer an ethical stakeholder Child Trust Fund, in association with The Children’s Mutual and all of the bank’s customers have the opportunity to take part in its regular consultations that determine its Ethical Policy – of which it is the only high street bank to have a clear one.
David Newman, marketing director, at CFS, said: “Research shows that ethical consumerism is growing and is already worth more than £29.3bn to the UK economy. We have been aware of the growing influence of ethics in consumer choice since we launched our ethical policy 15 years ago, and it is now become more mainstream. Customers that choose the Co-operative Bank and Co-operative Insurance can be safe in the knowledge that their finances are being used positively for the environment”.
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