“The best way of saving the planet? Your savings. Your current account and pension could be having double the carbon impact of going vegan, quitting flying and choosing the bike over the car, COMBINED!” https://www.mymothertree.com/
I am vegan. I hardly ever fly. I’m always jumping on my bike. But my money? Sitting in a pension with dubious ethical values, and a zero-interest bank account. Something had to happen – but where to start? It all felt so daunting. Luckily, along came three things/people in quick succession which really helped me on my way – and a fourth now in progress. I hope you will take inspiration too.
No 1. Mothertree
Dan Sherrard-Smith has set up a website to help us see the impact for good or bad our money is having – and what we might do about it. Why not follow his link to his finance carbon-counter – it’s very revealing. https://calculator.mymothertree.com/
Here’s Dan’s table comparing different banks:
For further information visit mymothertree.com/bank-league-table
Other things Dan does – he will put you in touch with green financial advisors. This has been key for me in my financial journey – see below. He also runs occasional webinars and online Climate Challenge communities to inform and motivate people to move their money.
No 2. Money Movers
This is a brilliant, face-to-face gathering for women sponsored by Friends of the Earth. It’s run locally by the inspirational Sarah MacLaren, and it came along at just the right time for me. There are three conversation sessions for women to talk money, and in particular, greening our money. Our group all found it enjoyable and empowering – it certainly gave me the oomph I needed to make the changes I have achieved in the last 6 months. https://www.wearemoneymovers.com/
A new Money Movers group will get going in the Autumn in Harpenden – email moneymoverssarah@gmail.com to express your interest or find out more.
No 3. Financial Advisor
Some women in the MoneyMovers group researched their own options, but for me having someone knowledgeable whom I can trust has been invaluable in making things happen. Yes, there is a cost involved, but this cost will be recouped by the return on my investments. I met a couple of FA’s online, both FHSA registered, and chose the one who energized me most. We’ve worked on my savings, and on my pension. My existing pension provider was difficult to contact and basically unable/unwilling to tell me the types of companies holding my money. My new pension company is much more transparent, and I am happy with the investments they are making on my behalf. In addition, the fees are lower and the returns are at least as good!
Isn’t this greenwashed capitalism? Maybe – but it’s better than I was doing, and I’ve reduced my money carbon footprint by about 12 tonnes.
No 4. The Global Returns Project (GRP)
I still want to have a more positive impact with some of my money. For a while now I’ve given to wildlife charities, and occasionally helped crowdfund re-wilding projects. But it’s time to review my regular giving – is it going where my heart is? Where is the need greatest, most urgent? What can I afford?
I was excited to be introduced to the Global Returns Project. https://globalreturnsproject.earth/
It was great to have an online chat with Olly Tapper who explained it all to me. Like, say, a pension company, GRP invests your money in organisations with a proven track record and scalability. These organisations are supported and held accountable and provide an annual report – but on planet-saving figures rather than profit for shareholders. There is a diverse portfolio, including Trillion Trees for tree planting, Whale and Dolphin Conservation for oceans, and ClientEarth for legal battles. All the money invested goes direct to the projects – GRP gets its own funding in other ways.
I asked Olly how much people give - typically one percent of invested income, he said – about £6-£20 a month. I was born-again into an evangelical church and have always given 10% plus of my gross income… so was initially quite shocked at this. A readiness to invest for planetary returns rather than our perceived security makes for huge potential to make a difference in this climate and ecological emergency. What use is it to leave a financial inheritance for our children if the world has melted away? GRP gives us all the opportunity to be climate philanthropists, rather than it just being for the super-rich, and I’m looking forward to being a part of it.
Postscript
I do realise I am extremely fortunate to have money to be investing – in previous years it would have been about where I had my mortgage, or my loan account. We pay these institutions a whole lot of interest – what are they doing with it? And we can never be complacent. Some in the MoneyMovers group had already made the big changes, and were now looking at other places money goes, like insurance companies and shops. In addition, while there’s great value in moving your money, this can be amplified by telling the old company why. We found out you have to do this before you leave i.e. there are no communication channels once you have left. Some people take things further and keep a minimum share in a company in order to have access to the AGM and voting rights. This is potentially very powerful. See https://shareaction.org/take-action/become-an-agm-activist Come what may, don’t be cowed into inaction like I was, and don’t be afraid to start small. There’s always a first step on every journey.
Kath - St Luke’s Church, St Albans