Ecology signs up to net zero initiative21 July 2020
We’re signing up to Bankers for NetZero, which has been set-up to find positive solutions for accelerating progress towards net zero.
Ecology joins four other banking providers including Triodos, Handelsbanken, Tide and global bank, Barclays. All of the organisations are committing to playing a proactive role in financing the green recovery and meeting our net zero carbon targets.
Bankers for NetZero is run in partnership by Volans, a research and advisory firm, the All Party Parliamentary Group (APPG) on Fair Business Banking, and Re:Pattern, a strategy consultancy specialising in sustainable finance.
The initiative is engaging with the Government, the Bank of England, the Financial Conduct Authority and the Competition and Markets Authority. It also has the backing of several key national and international bodies such as UNEP FI and the UK’s Green Finance Institute.
Commenting on the announcement, UK High Level Climate Action Champion for COP26, Nigel Topping, notes,
“Banks have been a bit late to the game on climate action. I really welcome the Bankers for NetZero initiative because it’s time for banks to catch up.”
Paul Ellis, our Chief Executive, explains why we are signing up to the initiative,
“As we emerge from the disruption wrought by Covid-19, the banking sector has a critical role to turn this crisis into a defining moment in the urgent fight against climate change, delivering the financial solutions that are essential to support a green recovery and meet our net zero carbon targets.
“Ecology has been building a greener society for nearly forty years, providing values-based finance to support a sustainable future.
“Given the scale of the climate and ecological crisis, we need finance that serves people and planet. We’re pleased to be part of the Bankers for NetZero initiative which we hope will help drive systemic change, ensuring that the purpose of banking extends beyond profit to creating positive environmental and social impacts.”
Bankers for NetZero will set out what the UK can do to help accelerate the transition to net zero including retrofitting the built environment. A white paper of its initial findings and recommendations will be released later this year.
The net zero initiative will complement our ongoing commitment to the UN Principles for Responsible Banking as well as our participation in the Green Finance Institute’s Coalition for the Energy Efficiency of Buildings.