Coventry Building Society increases insight on climate change risk

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Coventry Building Society has renewed its partnership with Hometrack, the leading provider of insight and intelligence to the UK mortgage market, driving greater understanding of the potential impact of climate change on both its existing portfolio and new lending.

Building on its existing relationship with Hometrack, Coventry Building Society has expanded its agreement to include Hometrack’s Climate Change Risk analysis, provided in partnership with Ambiental and Terrafirma.

As well as assessing the risk of climate change in the near term, Hometrack’s Risk Insights will assess how risk is forecast to develop across Coventry Building Society’s portfolio over time; equipping them with the best possible foresight on how to navigate the potential impacts of climate change risk in the years to come.

The partnership with Hometrack forms part of Coventry Building Society’s broader effort to ensure it continues to lend responsibly.

Climate risk is incorporated into all its lending decisions, which is in the best long-term interests of all its members.

Neil Wilson, Head of Retail Credit Risk at Coventry Building Society, said:

“Coventry Building Society has an ambitious agenda to contribute to a cleaner and more carbon-neutral world. We’re taking lots of steps to increase the support we provide for borrowers to understand the environmental impact of their property.

“This partnership with Hometrack will enable us to better understand the potential climate risks that we and our members may face.”

Commenting on the partnership, George Robbins, VP Commercial at Hometrack, said: “Climate change regulation is evolving quickly and driving challenges for lenders in understanding the risk they have, new risk they may acquire and how the profile of those risks may develop over time.

“Coventry Building Society is committed to understanding and managing its commitments to responsible lending throughout the cycle and we welcome the opportunity for our data, analysis and solutions to be part of this key journey.”

20 April 2022
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