Bank Sticks to its Green Principles
by Bonnie Alter, London on 05.31.06
The Co-operative Bank turned away almost £10 million of business last year on ethical grounds. The Bank, which grew out of the co-operative movement in the U.K., has a strict ethical policy that outlines areas in which they will not invest their customers’ money. Dozens of companies did not stand up to its screening tests. More than half of those turned away were refused on grounds of environmental concerns, mainly the levels of pollution generated by the businesses. This accounted for more than half of the £10M rejected. About a fifth of companies were refused because of their neglect of animal welfare--this cost them £1.9M. A further 20 per cent were turned away over human rights abuses--they reject clients with poor labour practices or which fail to uphold basic human rights--this also cost them £1.9M. Craig Shannon, director of business management, said: "This analysis demonstrates that we are prepared to turn away business for ethical reasons in line with our customers' concerns. Despite this scrutiny…a growing proportion of business customers are coming to the bank because of our ethical positioning." The good news for the bank is that more than a third of its profits could be attributed to its ethical policies. :: Telegraph
Very nice. I wish that Banks in Asia could understand the value of green technology. Accroding to Wrold Bank, Banks in India and China often fail to understand the value of projets that can reduce environment pollution.
It's the manin reason I bank with them.
It's the manin reason I bank with them.
Wow, double post and a spelling mistake.
Go me.
Wow, wouldn't it be amazing if EVERY bank rejected business loans & investments, based on the business' projected emmissions, pollution, and/or sustainability? Talk about an incentive to green biz! (C'mon, I can dream, can't I?)
The Triodos Bank (UK, NL) seems to have higher green and ethical standards than the Co-op bank.
Some info on the less ethical investments by the Co-op: http://www.schnews.org.uk/archive/news537.htm#8
http://www.schnews.org.uk/archive/news539.htm
Of course it's still much better to have your money with the Co-op than with one of the 'big' ones..
Are there any American banks that operate this way?