Ecology Joins the Europe-Wide Green Mortgage Scheme
Ecology has signed up to participate in the Energy Efficient Mortgages Pilot Scheme.
The scheme is part of the Energy Efficient Mortgages (EEM) Initiative which is looking at how cheaper mortgages could encourage borrowers to make their existing property more energy-efficient or to buy a more energy-efficient home.
Our mortgages already meet most of the criteria for an ‘energy-efficient mortgage’ which is being trialled in the pilot scheme and we’re looking forward to raising awareness of Ecology’s long-standing approach to providing sustainable mortgages with the 38 other European lenders taking part in the Pilot Scheme.
The initiative is being led by the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), Ca’Foscari University of Venice, Royal Institute of Chartered Surveyors (RICS), the Europe Regional Network of the World Green Building Council, E.ON and SAFE Goethe University Frankfurt.
Welcoming Ecology, Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, said,
“We are delighted that Ecology Building Society has decided to join the Pilot Scheme….Having Ecology on board is a valuable addition as it brings their extensive experience of supporting sustainable development. The increasing number of organisations participating in the pilot scheme underlines the willingness of the market to take action and to play a pivotal role, in supporting the European Commission in achieving its ambitious energy savings targets, building a greener society and a more sustainable future.”
Paul Ellis, Chief Executive of Ecology Building Society, explained why we are joining the scheme,
“If we are to meet our Paris climate agreement commitments, the finance sector needs to support the transition to a low-carbon economy.”
“Ecology has pioneered green mortgages for over 30 years. Over that time we’ve proved that incentivising energy efficiency through mortgage pricing works by basing our mortgage rates on a property’s climate impact.”
“By participating in the Pilot scheme we are able to share our experience of using the pricing mechanism to reward best practice and innovation in low-carbon building and contribute to the development of industry-wide criteria for green mortgages.”
“We hope that this results in a permanent and committed journey for those lenders who are taking part.”
For more information on Ecology’s C-Change mortgages.
For more information on the Energy Efficient Mortgage (EEM) Initiative.
Published: 20 September 2018
Author: Jennifer Whiteside