Case Study: Supporting local renewable energy
December 15, 2014
From direct investment into renewable energy projects to local institutions that serve real people and businesses, there’s a wide range of places to put your money to help build a fossil-free future. We’ve profiled some of the best fossil-free options here.
We believe that banks and other financial institutions should directly support an equitable and sustainable future. Through the choices we make as individuals we can have a real and meaningful impact on what kind of future we build together, so choosing a financial institution that shares and promotes your values is a crucial part of this process.
This week we’ll be profiling a number of case studies that demonstrate how moving your money can make a real difference in supporting those people and projects that are helping to make this a reality. Instead of funding asset bubbles and risky financial speculation, these case studies show that moving your money can help support real people and businesses taking practical steps to address climate change.
If you haven’t already then put your bank on notice now, and help support the financial institutions that are building a fossil-fuel-free future.
Supporting Community Energy
North Bainbridge in North Yorkshire first had hydroelectricity in 1912, powering street lights and some houses, a century later; water is again providing electricity to the village.
Deborah Millward of River Bain Hydro says, “Although Charity Bank’s debt funding was the final piece of the funding jigsaw, Simon and his colleagues had been working with us for some time to help get the rest of pieces in place. With a local community share scheme, the support of a Yorkshire Dales National Park sustainable development fund, and the Bank’s loan, we can generate electricity for around 45 homes. Charity Bank’s support has been great. Not just the loan itself, but all Simon’s hard work over a considerable period to help bring this project to fruition.”
Simon Thorrington, Charity Bank’s Regional Director for the North, says, “We’ve built up expertise in this sector. We have five community hydroelectricity schemes on our books and we are looking at others. They take time to come together, but it is worth the hard work and patience. I was particularly impressed with the project’s wider commitment to the community. All surplus profits are to be used to fund other projects to help mitigate the effects of climate change in the catchment area of the River Bain.”
You can read more about Charity Bank and it’s activities here.