If you're interested in our innovative carbon offset mortgage as a way to get a great rate as well as reduce your carbon footprint, the following FAQs my help you.
How can a mortgage reduce your carbon emissions?
In reality it can't. However, by agreeing to offset the average UK home's annual carbon emissions for the duration of its promotional period (by buying up and retiring carbon credits from the European Union Emissions Trading Scheme (EUETS) - in accordance with the UK Government's proposed Code of Best Practice for Carbon Offsetting) it is the equivalent of you reducing your personal carbon footprint by 5.5 tonnes of emissions every year*.
What are carbon credits?
They are European Union Allowances (EUAs) which give a monetary value to the cost of emitting greenhouse gases. All heavily polluting industries across the UK and Europe are allocated set numbers of these as a way to control carbon emissions. If they produce more greenhouse emissions than they have been allocated credits for they have to buy more - forcing them to pay for their pollution.
What is the effect of offsetting carbon credits on your behalf?
By purchasing carbon credits and offsetting them, it means heavily polluting industries are denied the opportunity to use them. And, by reducing the number available for businesses to buy, this causes the price of the credits to rise - forcing businesses to find more eco-friendly ways of working.
How can I work out my carbon footprint?
There are a number of websites now available, such as carbonfootprint.com or footprint.wwf.org.uk that can help you do this.
* Research conducted for British Gas by Best Foot Forward, based on an estimate of carbon dioxide emissions for 23 cities, February 2006. www.bestfootforward.com