Big tick winner

The Co-operative Group’s approach to Climate Change

Man Group International Climate Change Award

Since 2005, 98% of The Co-operative Group’s electricity supply has come from renewable sources, making it one of the largest purchasers of green electricity in Europe.  In 2006, through a joint venture with ScottishPower, The Co-operative Group opened a 16 megawatt wind farm.  In the same year, the company
commissioned the UK’s largest solar power installation - a £5.5million project that transformed its 25-storey Co-operative Insurance Tower with the installation of over 7,000 photovoltaic panels.

The Co-operative Group is firmly committed to high-quality voluntary offsetting.  Offsetting is a standard feature of all Co-operative Bank mortgages.   Co-operative Insurance launched the UK’s first motor insurance policy to include offsetting as standard, and Co-operative Travel sells offsets at all of its branches. 
 
Reductions are realised through projects that include fuel-efficient stoves in Cambodia, reforestation in Uganda and biogas digesters in India.  In 2007,  Co-operative Financial Services announced its intention to go beyond carbon neutral by offsetting all unavoidable operational and business travel emissions in addition to an extra 10% to begin to address legacy emissions.

Impact

  • Pre-tax profits have increased by 120% since 2004 while overall greenhouse gas emissions decreased by 30%.
  • Greenhouse gas emissions associated with premises, transport and refrigerants have reduced by 47% since 2003.
  • Over 300,000 tonnes of CO2 have been offset since 2000 through renewable energy, energy efficiency and rainforest reforestation projects in the developing world.
  • Positive media coverage for the company’s environmental initiatives in 2006 was calculated to be worth over £3million.