The Co-operative Group has announced it has so far lent £700 million to renewable energy projects in the last year, making it well ahead of schedule for its pledge to dish out £1 billion toward green energy by 2013.
As part of a plan to become the most socially responsible business in the UK, the Co-op gave £100m to small-scale community projects. On top of this the group claim they have also managed to reduce their greenhouse gas emissions by 35% and water consumption by 20%.
Jonathon Porritt, Founder of Forum for the Future said: “Community energy schemes are at last coming into their own, and the very substantial support now promised to community energy by the Co-operative has the potential to transform this hugely exciting sector. If you want to see what the ‘green economy’ looks like in practice, look no further.”
This year’s plan contains 53 commitments and includes reducing operational greenhouse gas emissions by 50% by 2020.