ESG Initiative
Our Sustainability Journey So Far...
"We do not inherit the earth from our ancestors, we borrow it from our children."
Sustainability is deeply embedded in every aspect of the credit union operating principles. As the only financial institution in Ireland owned and governed by our members, credit unions are by their structure and nature, designed to be sustainable. As appointed Sustainable Development Goal Champions for 2023/24 we recognise the importance of aligning our core values with the broader UN Sustainable Development Goals.
We have installed 44 solar panels on the roof of our main building in Arklow which is projected to generate as much as 19,850Kw hours of energy annually.
It is first major steps towards reducing energy dependency on the national grid by installing a renewable energy source - Solar Panels. In fact, excess energy produced when the office is closed for example can be sold back to the grid.
Speaking about the announcement, Hugh O’Keeffe, CEO of Arklow Credit Union said
“As we look to the future, we are very conscious of the important role we can play in helping in promoting sustainability within our local community. We have been exploring a number of opportunities to make our own credit union more energy efficient and once we evaluated the option of installing solar panels, it was very much a straight forward decision for us"
Working with a new Irish firm, Energy Management Ireland, an assessment of our energy usage was undertaken by way of an energy audit. Key measures were identified including more energy efficient lighting, heating & cooling and solar panels. Payback for the solar panel investment is estimated to take place over 4.29 years with 20 years savings of €225,000 approx. estimated at the current energy market rate of 0.39c per kWh.
Earlier this year, Arklow Credit Union, together with other credit unions across the country, was appointed a Sustainable Development Goal (SDG) champion by the Department of the Environment, Climate and Communications for 2023 and 2024. The 2023-2024 SDG Champions Programme has been developed to raise public awareness of the SDGs and to demonstrate that everyone in society can make a contribution to the 2030 Agenda for Sustainable Development.
This is a very significant appointment for credit unions and recognition of the important work carried out in local communities. As the only financial institution in Ireland owned and governed by their members, credit unions are by their structure, designed to be sustainable.
LEDs can reduce energy consumption by up to 75% compared to their fluorescent counterparts, a reduction that significantly lowers electricity bills. Furthermore, LEDs boast a lifespan 2-4 times longer than fluorescent lights, minimizing maintenance costs and disruptions associated with frequent bulb replacements.
Whether you are considering a new boiler or a deep retrofit, CU Greener Homes is here to help you.
Find out more here.
