All eyes are on Friday’s Earth Day. This Friday, the focus is on the climate.
It should be easy to make ethical consumer choices. But it often seems like you have to jump through more hoops or spend more money.
Here are 10 easy ways that your money can protect the environment.
1. Switch to a green bank
It is easy and quick for you to change your current bank account. But how do you find one that is good on the environment? Triodos is a well-known green bank, while The Co-operative Bank claims it does not invest in the oil and coal industries. You can find out a banks green credentials at the SwitchIt website or at Yourethicalmoney.org.
The UK’s financial institutions will have to publish details about how they plan on meeting climate crisis targets by 2023. This should make it easier to discover exactly what banks are doing for the planet.
2. Green investing
While ethical investments are easy to make, you should also be aware of the risks involved and any fees. Helen Morrissey is a senior pensions and retirement analyst with Hargreaves Lansdown. She says it is important to reflect on your values and consider how investments can help you achieve them.
Are you looking for investments in companies that develop green technologies, or do you want to divest yourself from areas like gambling or fossil fuels? There are many options available. Everyone is unique. It is important that you do your research to ensure that the investment approach you choose reflects your values.
3. Ethical grocery shopping
This is not an easy task as big supermarkets are often the most expensive. However, online shopping and their dominance on the high street make it much easier to shop with them.
There are other options if you don’t want to pay the greenwashers.
Local markets and shops are worth a visit, especially if they have local produce. Tools such as Olio or Too Good To Go encourage food swaps and connect people with surplus food to give away.
4. Borrow, not buy
Global carbon emissions are attributed to the fashion industry at between 2-10%.
Spending your money on secondhand items, renting or buying instead of buying, can help the planet as well as your wallet.
You can choose to subscribe to second-hand clothing monthly, such as Bundlee for children, or scan your local charity shops or eBay.
5. Look for the B-Corp Logo
One way to identify companies that prioritize the environment is with the B-Corp certification
There are over 700 UK food and beverage suppliers, as well as clothing and finance companies. Companies must pass five steps to be certified. Every aspect of their business, from supply chain to employee benefits, is analysed.
6. Always verify who underwrites your insurance policy
The majority of people have insurance for their cars and homes. But you might purchase a policy through a comparison site, which is sold and underwritten entirely by a different insurer. If you are looking for an ethical insurer, you will need to know who underwrites your policy.
7. Retirement savings are important!
According to the Office for National Statistics (ONS), the market value of UK pension funds was 2.6 trillion in September 2021. But do you know where your pension is investing?
Many pensions that are opened by an employer are automatic and require little input from the saver. You should look at the investment in a default fund that you have been put into. You should be able switch your pension to make it more eco friendly if you are unhappy with the investment.
8. Green mortgages available
These mortgages promote energy-efficient properties are becoming more popular. They are often cheaper than standard mortgages, or offer discounts for limited periods.
They may not be available for homes built after the fact.
Rob Peters, principal of Simple Fast Mortgage, a mortgage broker, said that green mortgages might not work as expected.
Green refers to the high energy efficiency required for a property to qualify. It is not the eco-friendly standard that the mortgage lender follows.
9. Save the environment
While a savings account that offers a high interest rate should be your top priority, you can also choose a provider that helps the environment. Triodos bank has a range of savings accounts, while NS&Is Green Bonds contribute to public spending for green projects.
10. Renewable energy sources
Gas boilers will be outlawed from new homes in 2025, as the government has committed to net zero by 2050.
You can apply for up 6,000 government assistance to cover the installation costs of a ground source heatpump or biomass boiler. If you have the budget, switching to an eco-friendly energy provider such as OVO Energy will be a good idea.