Green Finance, also known as sustainable finance, is when financial activity has been structured in a way that benefits the environment. These environmental benefits can include:
Reducing air and land pollution
Investing and switching to clean energy
Supporting green agriculture
The finance sector is currently in a great position to help restore nature. Over the past decades many banks, investment companies, insurance companies and real estate firms have been putting their money into non renewable energy sources. For example, before the Paris agreement was signed, banks had financed as much as 4.6 trillion into fossil fuels.
However, we are seeing many changes in the financial sector and through initiatives such as B Corp Certification, we can see which banks, companies and firms are doing good for the environment.
Here are some examples of current accounts that are doing good for the planet:
The UK branch currently supports many growing environmental technology companies such as Pod Point, an electric company that builds electric car charging stations across the UK. They further invest in many recycling initiatives and organic farms across the uk.
Monzo banks have recently claimed that their target is to reach net-zero by 2030 and they are one of the few banks that do not invest in any fossil-fuels. They also measure and report their carbon footprint in fall each year.
Ecology Building Society
Although small ecology building society has clearly invested a lot of time and energy into making their bank sustainable and ethical. They have supported over 3500 projects supporting individuals, charities, environmental businesses and community-led housing organisations. They raised over 39.3 million pounds to support sustainable properties and projects.
Make Your Money Greener
Consumers have the power to make a positive impact on the environment with their money by putting their money in banks and pension schemes that are supporting environmental initiatives. Before you open a current account or set up your pension scheme it is important to check how they will be investing your money.
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