Danske Bank’s Northern Ireland division has introduced the UK’s first carbon-neutral mortgage.
This groundbreaking mortgage has received certification from the Carbon Trust, which evaluates the carbon emissions associated with the entire mortgage lifecycle. The assessment highlights that the majority of the carbon footprint stems from physical paperwork, alongside other considerations such as energy usage in Danske Bank’s offices, digital documentation at various stages, paper waste generated, and the welcome kits provided to customers.
According to the Carbon Trust, the emissions associated with a single mortgage are approximately 96 kg CO2e. This figure is comparable to driving an average car for 241 miles or charging 11,678 smartphones. To achieve carbon neutrality, Danske Bank plans to reduce its overall emissions and invest in projects that will offset any remaining carbon produced from its mortgage offerings.
In related news, Leeds Building Society recently partnered with Hometrack to evaluate the potential impacts of climate change on its mortgage portfolio.