Co-op News October 2019: Sustainable Development

ENVIRONMENT
Co-op Group signs UN’s
climate pledge – while
Ecology BS leads way on
banking commitment
The start of the United Nations’ General
Assembly in New York saw the launch
of new pledges on the environment and
banking – and from the UK, the Co-op
Group and the Ecology Building Society
are among the first signatories.
The Co-op Group is the first UK retailer to
sign the Our Only Future climate campaign,
which calls on global businesses to help
cap global temperature increases to 1.5°C
above pre-industrial levels.
The move follows the Group’s
commitment earlier this year to further
reductions in its greenhouse gas emissions
of 50% by 2025. It said it has halved
emissions in the 10 years from 2006 and
by 20% in the last year alone.
Measures taken by the retailer include
the use of natural refrigerants, and
minimising environmental impact
through responsible sourcing on products
such as sustainable soy. All its stores,
offices and funeral homes already use
100% renewable electricity.
Its Only Future targets are aligned to a
net-zero future and will be independently
verified and assessed by the Science
Based Targets initiative (SBTi). Scientists
say these targets are necessary to prevent
the worst impacts of climate change.
Michael Fletcher, chief commercial
officer for retail at the Group, said:
p Paul Ellis, chief executive of the Ecology Building Society
“Today is an important day in the global
fight to combat climate catastrophe and
we commend the UN in initiating such
a large-scale call to action. It’s pleasing
to see our co-op take its place alongside
other prominent businesses who share
our desire to take immediate and
decisive action.
“Accelerating efforts, by working
collaboratively with independently
agreed, accountable science-based targets
in place, is the only way to proceed.”
Another climate action from the UK
co-op movement saw sector body
Co-operatives UK join the global Climate
Strike, held around the world on 20
September, and called on other co-ops to
join the action.
General secretary Ed Mayo said:
“Co-ops have always been at the forefront
of climate change activism, and we’re
standing in solidarity with young
campaigners, who are the co-operators
of the future.”
Meanwhile, Ecology Building Society
became one of the founding signatories
of the UN’s Principles for Responsible
Banking, a global initiative to align
banking business with the Sustainable
Development Goals and the Paris
Agreement on climate change.
An ethical finance pioneer, Ecology
specialises in environmental lending and
sustainable communities.
It is the first building society to sign
the principles, and joins a coalition
of 130 banking providers worldwide,
representing over US$47tn in assets.
Ecology CEO Paul Ellis said: “Given the
scale of the climate and ecological crisis,
we need finance that serves people and
planet. The principles have the potential
to drive systemic change, ensuring that
the purpose of banking extends beyond
profit to creating positive social and
environmental impacts.
“Signing up to the principles wasn’t
a difficult decision for Ecology as we’ve
been acting as pioneers of environmental
finance since we were established. We’re
proud to support these concerted efforts to
build a sustainable future.”
Other signatories include Dutch banking
co-op Rabobank, European ethical banking
specialist Triodos, Canadian credit union
federation Desjardins, Costa Rican credit
and services co-op Coopeservidores, and
French co-op bank Credit Agricole SA.
“The principles are a guide for the
global banking industry to respond to,
drive and benefit from a sustainable
development economy,” said UN secretary
general Antonio Guterres. “They create
the accountability that can realise
responsibility, and the ambition that can
drive action.”
OCTOBER 2019 | 9