The greener the better

Norwich and Peterborough Building Society (N&P), which launched its first green mortgage in 1998, is delighted that other mortgage lenders are responding to the urgent need to change consumer behaviour and combat climate change by announcing that they will be introducing green mortgages.

Alison Rolls, head of communications at N&P, said: “This is not a competition – all lenders should provide green mortgages. As lenders we have an obligation to make homebuyers aware that there is a great deal they can do to reduce emissions by saving energy at home. The good news is that it enables homeowners to save money too – with lower energy bills. Providing green mortgages is an excellent first step, which should be followed by the lender becoming carbon neutral itself.”

Homes account for approx one quarter of all carbon dioxide emissions. N&P offers carbon neutral mortgages through The Carbon Neutral Company. For every green mortgage N&P provides, The Carbon Neutral Company “offsets” the emissions generated by running the home by planting eight trees for the first five years of the mortgage.

On 1st January 2007, N&P became the first building society to be “carbon neutral. N&P is working with The CarbonNeutral Company to reduce and offset its emissions, initially over the next three years. To offset unavoidable emissions, the Society will use UK forestry and climate-friendly technology in other countries. This means that for every 1 tonne of CO2 the Society produces, 1 tonne will be saved.