Co-op News November 2022

- EUROPE
Rescoop says EU
must do more for vulnerable
groups in its climate plan
The European federation of renewable
energy co-ops (Rescoop) is suggesting
a range of changes to the European
Commission's 'fit for 55' package, which
aims for 55o/o cut in greenhouse emissions
by 2030.
Currently under debate in the European
Parliament and Council, the package
includes a new social climate fund (SCF)
to help vulnerable households, microbusinesses
and transport users meet the
costs of the green energy transition.
But in its recent position paper Rescoop
says the Commission has "reduced the fund
to a predominantly reactive instrument,
aimed at mitigating the distributional
impact of the Emission Trading System to
buildings and Transport (ETS 2)".
Rescoop argues that while the fund
has "significant potential to serve as a
cornerstone of a just energy transition,
ensuring vulnerable social groups are
addressed", several changes are needed
to realise this potential. It suggests: a
more substantial and impactful scope
and size for the SCF, delinking the ETS
2 as a prerequisite for the creation of an
SCF; targeted support for low-income
and vulnerable households and their
empowerment; and acknowledgment and
support for the role renewable and citizen
energy communities can play in achieving
the objectives of this regulation.
Rescoop also calls on the EU and
national governments to provide support
through grants, procurement, incentives
for vulnerable consumer groups, and
dedicated measures to support schemes
for renewable energy communities that
want to focus on energy poverty as a
priority.
The full position paper is available on
Rescoop's website at bit.ly/3CLjjpo
Electric co-ops call for domestic boost
Rural electric co-ops in the USA are asking
the Department of Energy to use funding
received via the Inflation Reduction Act
to address the shortage of distribution
transformers. According to the National
Rural Electric Association (Nreca) and
American Public Power Association, the
shortage "poses an unacceptable risk to
the electric reliability".
Dure Consumer Co-op joins march for climate justice
Republic of Korea's Dure Consumer
Cooperative Union took part in a Climate
Justice March in Seoul last month, under
the slogan "Climate disaster, we can't live
like this". The march, one of a number of
demonstrations around the world, gathered
an estimated 35,000 citizens and over 400
civic groups in Seoul on 24 September.
Fonterra says new framework will aid sustainability goals
Dairy co-op Fonterra has released
Sustainable Finance Framework, which
aims to align its funding strategy with its
sustainability ambitions.
The New Zealand co-op has been working
with Joint Sustainability Co-ordinators
HSBC and Westpac NZ to develop the
framework, which has been independently
verified to confirm alignment with globally
agreed sustainable finance principles.
Woccu 2021 report reveals credit union priorities
2021
WORLD (OUN(ll Of
CREDIT UNIONS
STATISTICA!JL
REPORT
The World Council of Credit Unions
(Woccu) has published its Statistical
Report for 2021, providing data on the
global credit union movement.
Through a global member survey, Woccu
found that 81 o/o of respondent credit union
associations ranked digitisation at or near
the top of their priorities.
Agri co-ops to set up bank to access affordable loans
The Uganda Cooperative Alliance has
announced plans for a new co-operative
bank to give agricultural co-ops access to
loans, in a plan backed by the government.
An earlier co-operative bank, set up in
1964, was seized by the Central Bank of
Uganda in 1999, which cited inadequate
capitalisation and insolvency as the
reasons for closing the bank.
NOVEMBER 2022 I 21