Donore Credit Union: A Force for Good for ESG

“With great power comes great responsibility”. This famous line uttered by Uncle Ben to Peter Parker is imprinted in the minds of a generation that grew up refusing to leave the house for school without a Spider-Man lunch box and dressed up as the iconic character for Halloween. If you are like my roommates who are enticed but slightly worried by what I am doing with this blog, you may be wondering how does this relate to the Credit Union and ESG? Well if you knew me you would not be surprised that I would draw from my Marvel encyclopedia of a mind to help highlight the force for good Credit Unions play in addressing the ESG agenda, and the responsibility financial service providers have to lead by example when promoting sustainable production and consumption of financial services in the community. But what even is ESG and how can you play your part in ESG by becoming a member of Donore Credit Union?

The ESG acronym has grown in prominence, yet can sometimes feel like a buzzword for business people to confuse the rest of the population. ESG relates to the three pillars environmental, social and governance which enterprises report in. Despite the confusion around this framework, it plays an important role to ensure businesses act in a socially conscious way. With the increasing amount of Avenger level threats on the horizon, Donore Credit Union strive to be on the right side of history, taking actions to benefit the community and society more generally for years to come. So, let’s discuss how Donore Credit Union are paving the way for tackling these three pillars in the local community.

While many companies use greenwashing to paper over the cracks of their environmental impacts, Donore Credit Union have taken a firm approach towards environmental matters. They have pledged to make environmentally conscious investments, meaning customers can be assured that they are not just saving their money, but supporting a greener future in the process. The Credit Union’s greener home scheme makes them the place to go in the local community to finance retrofitting your home to become more energy efficient. Grants are available of up to €35,000 per home and interest on loans are 4.9% APR for homes achieving a Building Energy Rating of A3 or better. This rate is even lower than the “Batman vs Superman” film critic score (I left halfway through and would not recommend). Donore have continuously aimed for better and have showed this by undertaking an energy audit. This highlighted areas where Donore will shift their focus including the opportunity for the installation of solar panels, more energy efficient windows/ doors and changing from a boiler to a heat pump. Their side garden attracts bees with an abundance of wildflowers to help pollination and can hopefully inspire members of the community to engage in this practice where possible.

If the Credit Union had a superpower, it would be its ability for social impact. Donore Credit Union’s ground-breaking “Social Return on Investment Report” found that in 2019 for every €1 invested in Donore Credit Union €10 of social value was created. Some of the social return accounted for in this report includes the support they provided for 16 community groups, their 2 scholarships awarded to local students and the sizable improvement of the standard of living provided to members of the community availing of their services. With money collected in the local area being circulated back through loans to members from the local community, your savings help the area prosper. When you come to the branch, you can be sure to meet a friendly face. Don’t just take my word for it, have a look at the feedback from members:

“It’s great to walk into a financial institution where staff know you by name. Long may Donore Credit Union last”.

“We would be lost without the Credit Union. We know them so well. They’re always there, always helpful”.

The Credit Union have retained their number one rank for a record eighth year in a row in the CXi league table, which is a poll for customer experience in Ireland. The Credit Union also ranked first among financial service providers in the Reptrak study highlighting the level of trust, respect, and esteem customers have for the organisation.

When you join Donore Credit Union you have a say in the running of the branch. Seriously! It is not like when your roommates let you choose for movie night, but we end up having to watch “Twilight” anyway (this may be based on true events that I still haven’t got over). Each Credit Union member gets a vote in the AGM. Unlike other financial institutions the Credit Union is a cooperative meaning it is run by the members for the members. So by its very nature the Credit Union operating model is better suited to serve the needs of the local community. Your opinion of financial institutions might have been shaped by what you heard in the news growing up through the financial crisis about risky financial objectives (I know mine was). Well the Credit Union is not for profit, it’s for service. They follow stricter regulations than other banks ensuring less risk of financial turmoil.

All of this considered it is clear Donore Credit Union take their responsibility for leading the way in ESG in the community seriously. So, this is your call to action. Will you stand with Donore in the fight to push the ESG agenda forward? Hopefully my blog has thought you that in the same way New Yorkers can trust their “friendly neighbourhood Spider-man”, you can always trust your “friendly neighbourhood” Credit Union. Visit Donore’s branch today to start your Credit Union journey and follow their socials to learn more about their services.