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    • Sep 24
    • 6 min read

Sustainability Pathway 2024 - September – Sustainable Buying and Ethical Banking and Investment

How GREEN is your money? Facilitated by Jenny Tomlinson and Viki Evans (who are not experts but are passionate!)


Introduction

Money has power. And that power can either be harnessed for good or used to fuel harm. We might think carefully about how we manage our personal money, perhaps through giving to charitable causes, buying Fairtrade, or using an ethical bank – but how often do we review the impact of our money? And when we do, how do we go about making this money work for the benefit of God's creation?


 
 

Facts and figures to get you thinking…


  • The 5 big banks - Barclays, NatWest, Lloyds, HSBC and Santander - have invested in fossil fuels to the tune of £421 billion since the Paris Agreement. The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, on 12 December 2015.

  • This investment is incompatible with reducing climate change and yet 75% of the population in the UK bank with one of the big 5 banks. Customers are reluctant to switch banks. Many people stay with the same bank all their adult life – often the same bank as their parents used!

  • People have still not made the link between where their money is invested and climate change. Big banks have power and banking policy is driven by balancing commercial risk such as ‘loss of reputation’ with the return on their investment. They want your money so they can invest it how they want to.

  • Investment in NEW oil and gas fields is up by 7% this year.

  • In 2023 Barclays actually increased its financing of fossil fuel companies by 10% to £17.5 billion but their annual report tells a story of ‘responsible corporate citizenship’.

  • According to the Palestine Solidarity Campaign (PSC) Barclays also holds over £2 billion in shares and provides £6.1 billion in financial services to companies supplying Israel with weapons

  • Many of the UK’s big High Street banks are also involved in financing nuclear weapons and deforestation and we should also be concerned about tax avoidance practices and excessive executive pay. 



So, that’s the bad news. Is there any good news? YES!

  • Over 3000 people have closed their accounts with Barclays because of their involvement in the climate crisis and the war between Gaza and Israel

  • Churches are moving their money out of investing in companies that fund fossil fuels

  • In 2015 the Church of England was investing £200 million in BP/Shell. Now they are not investing in this company at all.

  • Christian Aid has stopped banking with Barclays, as have Oxfam, Greenbelt and Sheffield Cathedral – and hopefully others have followed suit since their involvement was publicised.





Consider who you bank / save with

We have power too! Why does it matter where we bank or invest? It matters because we have agency and power to influence, if we choose to do so. At the moment the financial sector is not serving people or the planet – in fact it’s causing untold harm to both.

Here’s some websites that discuss possible ethical banking options:


Making the church’s money work for God's creation

St Andrew’s has already committed to ethical investment of our funds, and this is part of our Silver Eco Church status. There are other initiatives regarding church investments relating to climate change which St Andrew’s could explore further, for example the Green Investment Declaration developed by Operation Noah and JustMoney Movement 


What is the markets response?

Sustainable investment is on the radar of the finance sector and in particular the integration of environmental, social and governance (ESG) in investment processes. BUT – beware of ‘greenwashing’. This is when an investment firm or its products makes ESG claims without actually implementing the strategies and actions that can meet these claims. There is now UK and EU regulation that pushes businesses to be more transparent about their operations and solutions. An example of ‘greenwashing’ is the company Unilever - it claimed that Dove products could be recycled and Marmite’s throwaway sachets (which hotels use) are not single use plastic. The Competition and Markets Authority (CMA) is investigating and there’s now a campaign to boycott many Unilever products. www.greenpeace.org/international/publication/63935/unilever-uncovered 


Use your buying power

We may not all have the luxury of mulling over ethical investment opportunities – but we all spend money.

We usually put thought into a major purchase, such as a new washing machine, and may consider its sustainability credentials, but many of our everyday purchases such as cereal, toothpaste or detergent might have become habits over time.  It’s worth reviewing these habits – my approach has been to look at one at a time and try some “eco” alternatives and see how they perform.  So far I’ve found detergent, shampoo and dishwasher tablets that I prefer to the “big brand” products I’d been buying for years.

An estimated three billion nappies are thrown away every year in the UK, accounting for 2-3% of all household waste, according to recycling charity Wrap. For those to whom it’s relevant, consider reuseable nappies, they can be significantly cheaper overall (particularly if used for multiple children). But try not to tumble dry them if you can avoid it!

The diagram below gives ideas of some things you might consider when deciding on a purchase, big or small. There’s rarely going to be a definitive answer on which product is “best”, either for you or for the planet – the issues and measurement methods are so complex; but small actions can add up and the money we spend ultimately determines which companies will flourish and can influence the type of products which are developed in future.


Things to think about when making purchasing decisions

Use your voice (or keyboard)

Engage with companies - comments are easy to leave in a world where we get frequent customer feedback request emails! Ask about the sustainability of their products – how they can be recycled, where they source their materials from, raise any concerns you may have. If companies see their consumers are interested in these issues, then they are more likely to pay attention to them.


Sources of  information:


Some Bedford shops to visit:


Summary - What can you do?

If you’re feeling somewhat overwhelmed….you can take ‘baby steps’ one action at a time:

  • Consider some of your regular purchases – could you make some changes?

  • Consider switching banks – and then do it

  • Subscribe to organisations that can help you make better decisions such as Which? https://www.which.co.uk/ or Ethical Consumer www.ethicalconsumer.org 

  • Visit The Store in St Cuthbert’s Street (easy parking in St Peter’s Street car park or on the no 5 bus route) to refill all your household detergents, food staples, herbs and spices and more

  • Think about where you spend your money and use your buying power!


Other Events:

  • September 2nd - 6th was Zero Waste Week https://www.zerowasteweek.co.uk/  While we’re reporting this after the event, the are still plenty of relevant resources (and recipes!) in the blog on the website.

  • World Car Free Day 2024 is on 22nd September www.cyclinguk.org/article/world-car-free-day The emphasis here is on cycling to work and school, and encouraging colleagues to do similarly

  • The Net Zero Festival (actually a conference!) happens in Islington on 22-23 October. It’s aimed more at business than individuals but it’s free – take a look at the agenda www.netzerofestival.com/2024-agenda for a broad range of sustainability topics



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