There has been a lot said about getting to net zero, reducing emissions, targets, and the pressing need for action.
But what lies beyond the high level summary?
It might be news to many that government is working away feverishly to create the infrastructure and architecture necessary to enable a cleaner and more sustainable local environment.
Financial institutions like Transport Mutual Credit Union welcome this attentive and deliberate strategy from government.
We already recognise the possibilities and our Member appetite for more sustainable ways of doing things.
That is why we have our GreenRoad initiative, a range of green loans for solar panels, electric cars and e-bikes and the means to power them.
The government sees organisations like ours as positive contributor as we see a rise in the take up of electric transport, solar panels and other energy efficient devices in the home.
At the back end, perhaps not hidden completely from view but rather not getting the bright lights and attention just yet, is the establishment of frameworks to ensure financial institutions take the lead in offering finance and being sustainable businesses while doing so.
Also in the pipeline is a greater focus on the energy efficiency of both new and existing homes.
In years to come the energy rating of a home may be included in real estate agent marketing and lenders may look at it when assessing loan applications. That is a significant change. It may also effect the marketability and therefore the value of a home.
While it still has a way to go, the trajectory is pretty clear.
Here at Transport Mutual Credit Union we know that our Members are preparing for some of these changes.
We have seen a big increase in demand for green loan products, which has seen membership rise by more than 20% this year, and propelled our total assets to an all-time high.
We not only see the sense in doing our bit and supporting sustainability and liveability measures, we see the value in us doing this as a business.
Transport Mutual Credit Union looks forward to continuing to work with Government, our industry partner COBA and other like-minded organisations as financial services leads this change.
We welcome our engagement with the Department of Climate Change, Energy, the Environment and Water and their patient and clear explanation of the way forward for our industry.
As a credit union with deep heritage in transport, we have a history of being an early adopter and leading change and we look forward to doing that again here.
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Customer Owned Banking Association
Department of Climate Change, Energy, the Environment and Water