2006 Big Tick

Example of Excellence in 2006

Co-op Financial Services Tower
Big Tick Winner

Environmental Impact, Example of Excellence

Co-operative Financial Services - Management of climate change

EDF Energy Environmental Impact Award 2006 in association with the Institute of Environmental Management and Assessment

I'm delighted that through the various initiatives CFS has implemented we have managed to save some 75,000 tonnes of CO2 each year.

Liz ThompsonEnvironment Advisor, CFS

Co-operative Financial Services (CFS) is an industrial and provident society comprised of Co-operative Insurance Society (CIS) and The Co-operative Bank. CFS’ commitment to sustainability is underpinned by the values of the Co-operative movement, and it seeks to be amongst the world's leading businesses when assessed on its response to global climate change, an integral part of its approach to sustainability.

Processes

CFS' approach to sustainability seeks to serve the interests of all six Partners (shareholders, customers, staff, suppliers, society and the Co-operative movement) involved in its activities. In 2004 CFS became the first, and only, major financial services provider in the world to secure total business ISO14001 certification for its environmental management systems.

Recognising that energy use is a significant source of carbon dioxide emissions in the UK, the Bank and CIS have reported on their energy consumption and CO2 emissions since 1998 and 2000 respectively.

Since 1998, the Bank's Ethical Policy has included a commitment to "…not invest in any business whose core activity contributes to global climate change through the extraction or production of fossil fuels".

CIS' Ethical Engagement Policy states that it will encourage businesses to "Reduce reliance on fossil fuels – which contribute to climate change – and increase their use of renewable energies and energy efficiency."

Impact

  • In total, the Bank’s ethical and ecological positioning contributed to about 34% of the Bank’s profitability for 2004 (£44.8m).
  • Energy efficiency improvements reduced energy use by 6.6GWh, saving £252,000.
  • A halon replacement programme has reduced the combined global warming potential of the Bank’s air conditioning and fire control systems by 92% since 1998.
  • Since 2000, the Bank has offset almost 200,000 tonnes of CO2 on behalf of its customers through its Green Mortgage programme.
  • 96% of CFS’ electricity is now supplied from renewable sources.
  • CFS and CIS have respectively installed both the largest-ever micro-wind turbine and solar power installations in the UK.
  • CFS’ eight-year power purchase agreement with Ecotricity will avoid over 3,870 tonnes of CO2 each year and save CFS an estimated £250,000 over the contract lifetime by avoiding fluctuations in electricity prices.

See also