The Business Exchange Bath & Somerset Issue 12: Summer 2019 | Page 13

FINANCE
Mortgages can help achieve a zero-carbon world
by Kevin Gray, Chief Executive of Bath Building Society
In the last few years, I have been growing ever more conscious of the impact that we humans are having on the
planet, particularly the threat from irreversible climate change caused by the unchecked burning of fossil fuels.
In short, I am convinced that if we are to prevent catastrophic damage to mother Earth, we are all going to have to
change our lives and become net zero emitters of carbon. This is going to take some doing but it’s not impossible.
Local government has already set its sights
on reducing emissions from transport,
threatening pseudo emissions/congestion
charges without suggesting how electric
transportation will be promoted or how
public transport will be boosted to replace
private vehicles. In my opinion, this ‘stick’
strategy threatens the livelihoods of
those who can least afford to make quick
changes. I am quite sure that our children
and grandchildren will find it almost
inconceivable that we were able to drive
our petrol and diesel burning cars into the
centre of the Georgian City of Bath, both
damaging the local physical environment
and air quality, and contributing to the
warming of the planet. I am quite sure that
with a bit of ‘carrot plus stick’, we will all
be driving electric cars much sooner than
the Government’s target date of 2040. This
will however depend on achieving advances
in battery technology, reducing the costs
of electric vehicles, introducing scrappage
schemes, having greater access to charging
points, making strides to produce cleaner
electricity from renewables and significantly
boosting public transport provision.
One major area that we are going to have
to tackle is emissions caused by the heating
of our own homes.
I was listening to Moneybox on Radio 4
last Saturday and was interested in an article
on how ground source heat pumps could
help to reduce the carbon footprint of our
homes and save householders money into
the bargain. The biggest savings would be
for rural dwellers, like me, who currently
rely on oil or LPG for heating their homes.
I am definitely going to follow up on this
as government grants are available and
significant savings in heating costs can be
achieved.
The Society’s regulator has recently
issued instructions to all societies and banks
stating that they should start to examine
the risks posed by a warming climate on
their businesses. As Chief Executive, this
has spurred me on to consider specifically
presenting a climate change strategy to our
Board which would, for example, look at the
growing risks from lending on property in
coastal or low-lying areas that are becoming
more susceptible to flooding. We will also
consider whether we can change our
lending criteria to help home owners reduce
their carbon footprint by making their
homes more energy efficient. This might
include making mortgage advances to
finance the building of eco-friendly homes
and extensions, installing double or triple
glazing, undertaking cavity wall insulation or
the fitting of ground source heat pumps.
I am convinced that mortgage lenders
are going to have to satisfy a rising demand
from customers who will wish to use
housing equity to finance investment in
eco-friendly housing initiatives. I am
determined that Bath Building Society
will be ready to do its bit.
@BathBuildingSoc
Buy to Let Mortgage from a different sort of mortgage lender
There was once a man who really wanted
to boost his property portfolio...
And after having a chat with us, we were able to help him do just that. His story was quite a familar one, but
even if it hadn’t been, we would have listened. Everybody has their own story and we always like there to be
a ‘happily-ever-after’, so get in touch and we’ll help you with the next chapter of your life.
It’s your life. It’s your story. It’s our pleasure.
To find out more, call one of our mortgage experts on 01225 475737.
www.bathbuildingsociety.co.uk
Your home may be repossessed if you do not keep up the repayments on your mortgage. Telephone calls may be recorded to help the Society to maintain high standards of service delivery. Bath Investment & Building Society is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, Registration Number 206026
6803-Mortgage Ad 210x122_OUT.indd 6
15/03/2019
THE BUSINESS EXCHANGE
2019 12:36
13