MotherTree, an organisation dedicated to assessing the environmental impact of financial institutions, has recently published a revealing study on the carbon emissions of major UK banks. This study is particularly significant as it highlights the direct correlation between our banking choices and their impact on the environment.

Summary of Findings

The study by MotherTree presents a 'Bank League Table' which ranks major UK banks based on the carbon emissions generated by an average amount of £10,000 held in a current account. A startling revelation from the study is that £12,500 held in a Barclays current account contributes to 2.9 tonnes of CO2 per year. To put this into perspective, this is equivalent to flying from the UK to Rome and back 14 times.

MotherTree's ongoing assessment aims to enlighten the public about greener banking choices. They also offer a free 'Money Carbon Calculator' to help individuals calculate the carbon footprint of their savings and connect with environmentally friendly banks and pension providers.

The Cycle of Fossil Fuel Investment

The study sheds light on how traditional banking inadvertently supports fossil fuel development. When individuals open accounts with banks that invest in fossil fuels, their money endorses these investments. This cycle contributes significantly to carbon emissions, edging us closer to an uninhabitable world. MotherTree suggests that by shifting our finances away from such banks, we can collectively influence their investment strategies away from high-polluting industries like oil and gas.

Moving Towards Green Banking

MotherTree is not just about highlighting problems; they are actively offering solutions. They are host a free webinars to guide individuals on how to make greener financial choices. This initiative is part of their broader effort to provide the public with practical tips for environmentally conscious living.

If you want to see the carbon footprint of your bank(s) then visit MotherTree.