Perranport, Cornwall, Ava Lily
Green finance is a case of switching your bank and investment accounts over to those that do good. There are a few areas to cover:
- You could recommend green banks to others
- You could switch your own green bank
- You could switch your business bank
Why switch your bank and encourage others to do so? Because the big banks are some of the main institutions on earth who lend money (and provide services) to those destroying the planet.
In the UK, Barclays Bank was founded by Quakers (George Fox must be turning in his grave). Because today it funds everything from deforestation to weapons. How is it able to do this?
Presumably because not enough people peacefully protest about it. A few years ago, it became the only time (since the recent hoo-ha with Reform UK) that a bank has suspended the account of a political party.
That was because it was for the National Front, a far-right racist party. Due to concerned over public opinion, it closed the account. But today it happily funds those who are destroying the planet, and nobody seems to mind.
How to switch your bank account
If you live in the UK, it’s super-easy! You just visit Current Account Switch Guarantee. Give them the details of your new green bank (personal or business) and they take over. Switching over and also making sure your direct debits and standing orders switch over too.
Be sure when you switch to a different bank that it’s covered by the Financial Services Compensation Scheme. So your savings are protected up to the same amount as main banks (this is usually more than most of us have in our accounts!)
Some good green banks are:
- Triodos (personal accounts fund organic farming and clean energy)
- Charity Bank (a savings account do good in local communities)
- Ecology Building Society (funds green building projects)
- Ethical Investors (if you have lots of money!)
Green business accounts (tricky)
Green business accounts are a bit more tricky, as there are not really any ‘green banks’ that offer them. You could an app-based account like Starling that tends to be less funding of fossil fuels.
Reliance Bank Ltd offers business accounts, and uses profits to fund Salvation Army, a charity to help homeless people.
