Your say / climate change
‘When it comes to climate change, money matters’
Climate change activists have been particularly vocal lately, from Extinction Rebellion occupying London’s streets to Youth Strike 4 Climate protesting on Bristol’s own College Green. People are waking up to the imminent danger of environmental problems and the effect that this could have across the world.
I’m proud that Bristol has been a hub of environmental activism for many years and it’s fantastic to see individuals and businesses across the city take direct action – just last week the University of Bristol was the first in the UK to declare a climate emergency and last year Bristol City Council committed to the same goal of being carbon neutral by 2030.
But why am I telling you this as a banker?
is needed now More than ever
Banks are rarely at the forefront of our minds, but they play a vital role in shaping the society we live in and therefore how we’re tackling climate change.
Every financial decision makes an impact after all and it is up to banks to determine whether that impact is positive or negative. For example, with some banks, money can be invested in industries such as the arms trade, fossil fuels and tobacco, which may be against your own environmental and societal values.
What’s more, the risk of climate change to the financial stability of banks is clear. Mark Carney, governor of the Bank of England, has warned that global banks cannot ignore the volatility of investment in fossil fuels and must collectively transition to a low-carbon economy. But too little has been done too slowly to meet the scale of the challenge. We are now at a stage where that simply has to change.
Looking at the power of money from another approach, it can also be used to do good things and actually help build the society we want to live in.
We need to decide what role we want banks to play and carefully consider what kind of future the money we entrust to them is building. Triodos Bank has funded renewable energy, organic farms and social housing across the UK since 1995.
We know that people are taking action in how they spend their money and increasingly making sustainable choices. Sales of Fairtrade and organic products are on the rise, with many people attempting to avoid single-use plastic. The logical next step is that people look at where they save their money too and demand transparency about where their bank is lending and investing.
On Wednesday, April 24 we will bring changemakers of all types together at St George’s for our Annual Meeting – open to all and free to attend – to discuss how we can work together to achieve positive change through how we spend and save money.
There’s still plenty to be done in promoting practical actions. Given the magnitude of the existential environmental and social challenges within the UN Sustainable Development Goals and Paris Climate targets, we need to work together to use our democratic power and send a loud message to industries and government that now is the time for real choices.
Bevis Watts
Bevis Watts is managing director of Triodos Bank UK
The Triodos Bank UK Annual Meeting takes place from 1pm to 7.30pm on Wednesday, April 24 at St George’s. Find out more at www.triodos.co.uk/annualmeeting19
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