10th September 2022
Refocusing our environmental lifestyle should also include our finances. We can in small ways influence the environmental protection that financial world gives through our choice of bank, mortgage lender, insurance provider and pension fund. All these financial institutions invest money (our money in fact) to gain a return that finances their product. Where they invest their money can impact the environment. For example if they invest in companies that produce fossil fuels, they are financing the continued production of green house gases. If they invest in companies that manufacture plastic packaging, they are financing the continued production of the commonest form of litter. If they invest in companies that produce tobacco, they are financing the continued production of an addictive and carcinogenic commodity.
For more insight into the environmental issues around banks see this Ethical Consumer report. They also provide ratings for different financial institutions covering current accounts, savings accounts and mortgages etc. To access these you will need to be a subscriber.
For more information on pensions and pension funds see https://makemymoneymatter.co.uk/ which strongly advocates swopping your pension as the most effective way of tackling climate change. (However if, like me, you don’t have a portable pension this won’t be possible. Nevertheless you can still keep asking your pension provider to adopt an environmentally responsible approach to its investment strategy).
Good with Money is another useful website https://good-with-money.com/
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