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

Centrica apologizes after debt collectors forced prepay meters on the poor
Centrica apologizes after debt collectors forced prepay meters on the poor
By Pranali Mehta

Centrica, the well-known energy giant and the parent firm of British Gas, has reportedly apologized after a probe found that the firm sent debt collectors to break into the homes of struggling families forcing them to install prepayment meters. An...

National Grid shuts down coal power stations as France raises alarm
National Grid shuts down coal power stations as France raises alarm
By Pranali Mehta

The National Grid has reportedly shut coal plants ordered to fire up on Thursday when the network operator of France raised the alarm about the implications of strike action. Two plants at Drax in Yorkshire as well as one located at West Burton in...

NSW mandates coalminers to set aside 10% of output for domestic users
NSW mandates coalminers to set aside 10% of output for domestic users
By Pranali Mehta

New South Wales, Australia, has reportedly demanded that thermal coal miners must keep aside up to 10% of their production for domestic customers in order to make price cap implications more equal throughout the industry. The decision, which was m...