As it released the figures, which go back to 2007, the Cooperative Group’s banking division set a target to double the funding to £1bn by 2013, as part of the wider group’s corporate responsibility strategy, called Ethical Plan.

The Co-operative Bank, which prides itself as an ethical lender, has funded 108 renewable energy projects over the period with a capital value of £1m to £25m.

Projects are typically taken on by smaller developers, community groups and landowners as a means to diversify income, according to a statement from the bank released with the figures.

The projects funded include onshore wind, hydro, biomass and combined heat and power systems, and the bank has a renewable energy team to deal with planning permission and grid connection on behalf of clients.

Richard Wilcox, head of social banking at The Co-operative, said: “At a time when many communities are fighting for survival from the wider economic challenges, small to medium renewable energy schemes provide an opportunity for communities to become sustainable, creating local jobs and diversifying local economies.”

Renewable energy projects in the UK currently receive around £1.4bn a year in government support through the Renewables Obligation Certificates (ROC) scheme.

However, a review of the scheme has been delayed, which could stall renewable energy investment, Wilcox warned.

“We welcome the Government’s commitment to renewable energy investment which has helped to provide an enabling arena for our rapid growth in renewable investment,” he said.

“However, there is a real danger that this could grind to a halt if the review of ROCs and pending review of feed-in tariffs are not completed quickly and with a view to nurturing our fledgling environmental industries.”

Article contributed by: Leasing Life

Richard Wilcox, head of renewables at the Co-operative Bank, said the lender would be pumping £200m into the industry this year and was also looking to expand its 14-strong team of renewables experts.

The bank expects to use up the £400m of cash it ring-fenced in 2007 to fund renewable energy and carbon reduction projects, including onshore wind projects and combined heat and power systems.

Mr Wilcocx said it continued to be “inundated” with enquiries from community projects and smaller developers eager to utilise the new feed-in tariff regime brought in by the Government last month.

He said: “This will be the culmination of phase one of our commitment and in the next few months we are looking at plans to take us through 2011 and beyond. The feed-in tariff which came into force last month has created a long-term guarantee of exporting energy into the National Grid which has led to a real take off in these kind of projects.

“In other parts of the world these small micro-renewable projects are a major part of energy generation and while the UK maybe behind the game in a sense, we are running to catch up.”

He said that the way the feed-in tariff was “skewed” also opened up a huge opportunity for individual homeowners to produce their own power.

Mr Wilcox said: “In the past it would have taken nearly 30 years for the cost of a solar panel to pay back.

“Today it is nearer 10 years.”

Gerald Waterfield, senior corporate manager at the Co-operative’s Lancashire Corporate Banking Centre, said he had seen renewable energy become “increasingly attractive” due to the moves by the government.

The commitment made by the Co-operative yesterday coincided with an announcement from the North West Development Agency that it has £2m of grants available to develop carbon-reducing technologies.

Chief executive Steven Broomhead said it was working with Envirolink North West to fund companies working on waste treatment and recycling, water pollution, air pollution, land remediation and energy generation and efficiency.

Contributed by Lancashire Evening Post

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The latest data from The Co-operative Bank Current Accounts has revealed a 38% increase in current account sales in 2009*. Furthermore when looking in more detail the numbers show a 22% increase in customers switching their current accounts to The Co-operative Bank from other major providers, with a 31% increase in switching activity from the big four banks.

New research findings highlight many of the reasons which drive people to look for a new current account provider, with over a third citing customer service (29%), a quarter looking for online banking facilities (23%) and a local branch (19%) and more than one in ten looking for a more ethical provider (10%), and a transparent charging structure (14%)**.

The figures demonstrate that since the beginning of the financial crisis despite the usual trends of inertia in the current account market, people have started to look at their banking providers more closely, with general discontent and distrust leading to many customers voting with their feet.

When looking back over the last twelve months there have been a number of events that have triggered the switching activity, with peaks in the numbers switching accounts linked to events in the wider economic climate including public distrust in financial institutions, unease with remuneration policies and confusion over overdraft charging structures.  

Despite the increase in numbers switching, the research does show that some inaction does still exist when it comes to changing bank accounts, with the average person much more likely to switch energy providers, move house, or switch mobile phone companies than switch their current account.  However the research also now highlights that moving current accounts is now more common than other life events such as changing career, moving countries, or getting a divorce.

John Hughes, Business Leader, Retail Products for The Co-operative Financial Services comments, The findings clearly show that customers are now increasingly likely to switch their bank account, if they are unhappy with the service, facilities or ethos of their provider.

Historically many people chose their banking provider when they were younger and stayed with that provider throughout their life. However now more than ever consumers should review their banking products as their personal circumstances change to ensure that their account suits their financial needs and service requirements.  In the past moving a current account often seemed daunting, but actually, most banks now do all the work, including transferring all direct debits and existing balances, which makes the process much easier for customers.

Article contributed by The Co-operative Bank