Banking on the Environment

New Leaf prides itself in being a green company. This year I have decided I am truly banking on the environment. I want to put the business money where our values are.

I spent some time looking at my existing bank’s ethical credentials. This was not comfortable reading as I discovered they are paying lip service to an ethical ethos. On the ethical banking scale, they were rated as one of the lowest.

Ethical banks are businesses - they do need to make profits. They offer similar products and services to ordinary banks: from bank accounts and credit cards to mortgages, but differ in how they utilise their customers’ money. While seeking profits, they always aim to have a positive social and environmental impact.

I heard the story of the charity Hawkwood House from their chief executive Alicia Carey. She spoke about how Triodos Bank helped them secure their future over this difficult period, saying “Their ethical business approach coupled with compassion and individual attention is invaluable.” The relationship they had with the bank meant something, that’s what I want for New Leaf too.

Triodos invest in renewable energy sources, they provide help for vulnerable or poor communities. They publish details of every organisation they lend to on their website and claims to lend only to companies that have a positive impact on the planet and on the people in it. Triodos specialise in organic farming, sustainable energy and supporting the arts and culture. They also support microfinance, which offers those living on a low-income access to basic financial services.

The bank has helped to finance ethical companies such as Green energy company Ecotricity, sustainable coffee firm Cafédirect and River Cottage. It supported the first Community Land Trusts in the UK and the country’s first care farm, which supports vulnerable young people by creating opportunities for ‘wellbeing and sustainable change’ in an agricultural setting. Triodos stand ready to support areas such as sustainable heat, electric vehicles and energy efficiency. 

They do not invest in fossil fuels or coal power. They are the only bank to recognise the climate emergency - where as my current business bank is the second-biggest investor in fossil fuels of all European banks. Worryingly, there is little incentive for banks to disclose where their money is going, and it has been incredibly hard for the average consumer to even begin to figure out which banks might be morally bankrupt, and which might actually benefit the world we live in

I’m so pleased we enter 2020 banking on our environment with Triodos, this is vital to our aim of being a transparent and Green company. 

#Triodos #Ethicalbanking #Greenbanking