The Cooperative Bank does not support companies who intend to send dioxins blowing in the wind. Their Sustainability Report for 2007/08 records how on two occasions the Coop Bank refused to help fund waste incinerators on ethical grounds, foregoing an estimated £520,000.
Under the heading Waste-related business declines 2007 the report states:
Two separate contributions of £15m to syndicated facilities for businesses engaged in waste management. In the first instance, business had government consent to build UK’s largest incinerator. Concern over use of recyclable waste as feedstock, and evidence of community opposition. In the other instance, business operated energy-from-waste incinerator using recyclable waste (e.g., paper) as feedstock.
In an e-mail message to the irrepressible anti-incineration campaigner from Hull, Barry Robinson, the Coop’s Renewable Energy and Asset Finance Business Development Manager, Gareth Palmer, explains:
The bank’s customer-led Ethical Policy includes a commitment to support businesses involved in recycling and sustainable waste management. Based on this commitment, the bank declines support for incineration where mixed municipal waste acts as a feedstock and/or community ‘buy-in’ is absent.
During 2007, 12 finance opportunities were referred to the Ethical Policy Unit in connection with waste, of which two were declined at a cost of £520,000 in terms of estimated income foregone in 2007.
