Ecology becomes third building society to raise funding through CCDS
Category: #energy-and-environment  By Pranali Mehta  Date: 2020-09-23
  • share
  • Twitter
  • Facebook
  • LinkedIn
Ecology becomes third building society to raise funding through CCDS

Sustainable lender Ecology Building Society has managed to raise £3 million from Core Capital Deferred Shares (CCDS), making it the third and smallest building society to secure capital through this form of instrument. 

Reportedly, Ecology will use this investment to promote sustainable communities and ecological building practices through green lending. The other two organizations that have secured funding from CCDS are Nationwide and Cambridge Building Society. Apparently, Nationwide had issued more than £1 billion core capital deferred shares to secure new funds. Meanwhile, Cambridge Building Society had secured £15 million privately through CCDS.

Speaking on the move, Paul Ellis, Chief Executive Officer, Ecology, said that this investment would dawn an exciting new era for the society, strengthening its commitment to ecological lending & sustainability, and supporting its growth prospects. Additionally, this funding round showcases confidence in the company’s purpose-driven and values-based model, he noted.

With the ecological and climate crisis becoming more critical in the U.K. as well as other major countries across the world, the need for sustainable development has become a top priority. This has influenced Ecology to continue with its progressive force for positive sustainable development. The additional funding would boost its lending and secure its position as a pioneer in green recovery, added Ellis.

Ecology is not only a green mortgage provider for energy-efficient renovations and self-build infrastructure but also a developer of sustainable finance. C-Change mortgage discounts of Ecology incentivize energy efficiency via mortgage pricing.

In another sustainable development, NatWest recently made headlines when it launched a slew of green initiatives that enables banking customers to mitigate and measure their carbon emissions.

NatWest’s latest collaboration with fintech mobile application CoGo will offer its customers a tracker that gages their carbon footprint in real-time on the basis of their spending habits. Accordingly, it offers a range of curated suggestions to minimize their environmental impact.

 

Source Credit: https://www.mortgagefinancegazette.com/building-societies/ecology-secures-3m-funding-sustainable-lending-ccds-21-09-2020/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

eBay introduces Refurb Registry combining couple and retail therapies
eBay introduces Refurb Registry combining couple and retail therapies
By Pranali Mehta

American multinational e-commerce company eBay Inc. has reportedly announced a unique Refurb Registry intended to address the sensitive state of relationships as individuals recover from the pandemic. This new program provides couples with some rela...

GSL enters Jones Act partnership agreement with DEKC Maritime
GSL enters Jones Act partnership agreement with DEKC Maritime
By Pranali Mehta

Renowned marine transportation provider, Green Shipping Line (GSL), has reportedly struck a teaming agreement with DEKC Maritime, a prominent European marine vessel engineer to pursue offshore wind vessel solutions compliant with the Jones Act in the...

Apple in talks with Chinese companies over battery supplies for its EV
Apple in talks with Chinese companies over battery supplies for its EV
By Pranali Mehta

Apple Inc. is reportedly in talks with Chinese battery manufacturers CATL (Contemporary Amperex Technology Co. Limited) and BYD (Build Your Dreams Auto Co. Ltd.) over battery supply for its planned electric vehicle. The firm has not reached any agree...