Triodos was recognised for having no exposure to fossil fuels and having clear, public environmental policies. Which?, the UK’s most popular consumer association, recognised these factors as an important part of its Eco Provider assessment.
In a lengthy research process, Which? examined the claims of 13 of the UK’s leading current account providers, working with Reclaim Finance (a non-profit research organisation) to analyse fossil fuel policies - which were broadly found to be too weak - and statements on agricultural commodities such as beef, soy, timber and palm oil.
Which? found that ‘Triodos refuses to lend or invest in fossil fuel projects, and focuses its lending on renewable energy. Triodos excludes companies that mine coal, build coal plants, produce energy from fossil fuel power plants, or extract and produce oil and gas.’
Which? researchers also considered transparency levels and whether banks had credible targets to reduce exposure to environmentally damaging sectors, and checked whether they publish independently verified data. Triodos publishes information about every organisation that it lends to, so that customers can review each and every organisation in the Triodos lending and investment portfolios – transparency that is not available with any other UK bank.
Bevis Watts, CEO of Triodos Bank UK, said:“We’re pleased to be recognised for our leading exclusion policies around fossil fuels and commodities, but it’s important to note that we also go beyond exclusion and actively look for positive impact. We only invest and lend the money deposited with us to organisations that are delivering positive change for people and planet.
“The finance sector urgently needs to do what it takes to realise rapid and sustained global greenhouse gas emissions reduction. This means minimising the use of fossil fuels and not financing deforestation, but also building renewable energy capacity, improving energy efficiency and investing in nature’s recovery as soon as possible.”
This latest assessment from Which? follows it’s 2021 analysis of green savings options that rated Triodos Bank as scoring 92 out of 100, placing it top of the rankings overall.
You can find out more about the latest Eco Provider assessment here and see Triodos as a green-rated bank. Only three banks scored highly enough to earn the new Eco Provider badge. Which? also examined how banks plan to reach net zero and noted the Triodos 2035 target as one of the most advanced.
Watts continued:“Thank you to Which? as the UK’s consumer champion for the thorough research and analysis that they’ve completed looking at banks and sustainability. Their analysis did a good job of exposing some of the greenwashing that is rife in the banking sector. We need a banking system that is sustainable, transparent and diverse – and holding banks accountable through independent research, such as this plays a key role.”
Sam Richardson, Deputy Editor of Which? Money, said: “Consumers seeking to make more sustainable choices might want to consider switching banks if they are uncomfortable with their money being invested in the fossil fuel industry and other projects which could be damaging to the environment.
“By choosing one of Which?’s Eco Providers, customers can feel confident that their bank has impressive green credentials and steers clear of investing money in coal, oil or gas.”
Jack, 29, a journalist based in Northamptonshire, said: “After months of toying with the idea of opening a Triodos account, and wavering over the potential hassle, I decided I needed to put my money where my mouth is. I switched that day and it was seamless.
“Taking this one small action has reverberating benefits, not only for my peace of mind, but for the environment and society. Now my money is invested in companies that want to make a positive difference, rather than corporations that think about their bottom line at the expense of the planet and its people.”
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Which? is the UK’s consumer champion, here to make life simpler, fairer and safer for everyone. Our research gets to the heart of consumer issues, our advice is impartial, and our rigorous product tests lead to expert recommendations. We’re the independent consumer voice that influences politicians and lawmakers, investigates, holds businesses to account and makes change happen. As an organisation we’re not for profit and all for making consumers more powerful.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.