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At the Heart of Sustainability in Kerry

Community 3 min read

23 Sep 2024

 Killarney Credit Union has been an advocate of SDGs and sustainable development in the following ways:

  • Promoting Financial Inclusion:  Killarney Credit Union offers affordable credit within the community through our suite of varied loan products.  Killarney Credit Union offers credit where other financial institutions may not, particularly for smaller loans amounts, and for those on social welfare.  This promotes affordable financial services to underserved people in our common bond promoting financial inclusion and reducing inequalities.

  • Supporting Small Businesses and Local Economies:  Killarney Credit Union has a tailored loan product available to local small and medium sized businesses.  This provides a very positive impact for the credit union in providing access to affordable credit to local businesses supporting the community which is helping to foster innovation and create employment

  • Green Finance and Sustainability Initiatives:  In order to support the green economy and encourage everyone to strive for more energy efficient enhancements, Killarney Credit Union are offering low interest rates on home renovations, retrofitting and transport initiatives. 

  • Education and Awareness:  Killarney Credit Union regularly speak to community groups and schools on areas such as budgeting, fraud and credit union services.  This helps individuals and businesses understand the importance of sustainable financial practices, empowering people to make informed decisions about their finances.

In 2023, Killarney Credit Union took the step of publishing its first Social Impact Report – you can read it in full here on the dedicated Social Impact page of Killarney Credit Union’s website.

Sustainable Products and Services

Killarney Credit Union has integrated SDGs into every day work and within the community

  • Green Loans: Killarney Credit Union members can avail of loans up to €80,000 for Home Initiatives and up to €60,000 for transport initiatives.  The rates are among the most competitive in the market and are from as low as 4.9%APR.

Climate Action:

  • Killarney Credit Union has been actively trying to reduce our own carbon footprint by promoting paperless banking, supporting energy-efficient infrastructure, and promoting digital services to reduce waste.

  • We have been adopting and making changes using the ILCU ESG framework for Credit Unions.  To this end we developed an Environmental Sustainability Brief which is an action plan in line with our Strategic plan.

  • Killarney Credit Union gives sponsorship to community-based projects that are trying to make improvements in line with climate action.  Once such project was Killarney Coffee Cup Project which is aiming to eliminate single use coffee cups from Killarney.  This project has won many awards, including an The Irish Independent Reader Travel Award, Pakman Award and the All Ireland Community & Council Awards.

Ethical Governance and Transparency

Killarney Credit Union endeavours to upholding transparent, ethical governance by adhering to fair lending practices and ensuring accountability to members and stakeholders.  We align internal policies with the SDGs by embedding sustainability into decision-making processes at every level of operation.

By integrating the SDGs into our everyday practices —through the products we offer, and the community initiatives we support, Killarney Credit Union has become an active player in fostering a more inclusive, sustainable, and resilient economy.

 

Future Plans 

Future planned actions to promote sustainable development within Killarney Credit Union include:

  • Expansion of Green Financing Initiatives:  Since the launch of our green loan products Killarney Credit Union has concentrated primarily on the personal loan market.  We want to further develop and enhance this market.  We also want to create awareness that these loans are available to communities, SME’s and agricultural sector

  • Community-Based Sustainability Projects:  Going forward we want to partner with local councils, clubs and organisations to fund and support sustainable community-driven projects.  We have recently supported projects such as urban gardens, poly tunnels in schools and biodiversity conservation.  We want to further build on these foundations.

  • Digital Transformation for Sustainability:  Killarney Credit Union is committed to transitioning to digital services to reduce the use of paper and physical resources, promoting paperless banking and eco-friendly office practices.  We will continue to encourage our members to embrace online and mobile banking.

  • Environmental Sustainability Action plan:  We will be setting goals for the new financial year to continue the improvements made to date.  We will future endeavour to reduce our energy consumption in branches.  We will implement policies to encourage sustainable procurement, ensuring that our credit union works with environmentally responsible vendors and service providers.

  • Annual Sustainability Reporting:  Killarney Credit Union will be implementing an annual Sustainability Report that tracks progress toward SDG-related goals, outlining the credit union’s contributions to sustainable development and highlighting key achievements in community impact, carbon reduction, and financial inclusion.