As flower farmers, we’re all eco-conscious, and try hard to be sustainable, but have you thought about your bank account? - Here’s the story of our The Business of Growing Flowers partnership money.
Back in 2020, when we formed our Partnership, as well as updating the course, we had a list of all the boring admin bits we needed to do. One of those things was set up a bank account. At the time during the pandemic, the only bank that was taking on new partnership accounts was HSBC. We needed somewhere to bank our course fees, so with a great deal of faff, we set it up. Mostly at that time we were concentrating on whether the 3 of us could access it via the internet, rather than us having to be in a physical bank.
However as time passed, and our environmental awareness grew, we began to question our decision. A lttle research into our chosen bank revealed a not - so- rosy picture. It turned out that our hard earned money was indirectly supporting activities that went against our ethos, including funding fossil fuel projects.
Our Business of Selling flowers partnership stands for quality, integrity and transparent information, something that none of the big banks are sharing. An article in Ethical Consumer magazine in 2021 was the final straw, and we set about to make a change - a change that wasn’t just about swapping banks but making a statement.
So why does changing banks matter so much in the grand scheme of things?
Shifting financial institutions holds the potential to be 21 times more effective in advancing environmental causes compared to focusing on other individual actions (like going vegan or driving less or taking no flights) This assertion is grounded in the economic reality that banks are attentive to customer behaviour - especially when it involves a substantial number of customers reallocating their assets due to ethical concerns.
The other banks that the Ethical Consumer report warned against were Barclays (who also had the joint lowest score with HSBC) , NatWest, RBS and Ulster bank. Santander and Cater Allen and Coutts were also in their Red warning level.
So we looked for an account which better followed our values, and our account is now with The Cooperative Bank. We closed our account with HSBC, and sent them a message about why were were closing it - no reply, but we’re hoping the message got through.
By shifting our account to a bank that’s all about green initiatives and ethical investments, we’re sending a powerful message. We’re telling the world that we refuse to be passive supporters of industries that harm our planet, while we as flower farmers are trying to encourage customers to take the low carbon choice. We’re putting outrmoney where our hearts are - investing in a future where renewable energy, sustainablity and a clean environment take centre stage.
Our journey from choosing whatever bank came first through to thoughtfully aligning our finances with our values and has been eye-opening. It’s a small step, but with the world having it’s hottest July on record, we can feel we’ve taken some climate action.
So whether you’re an individual, a sole trader, a partnership or a registered company, please do remember that your choice of bank can be a catalyst for change. Let’s make a difference - one bank transfer at a time!
There’s more information about Green banking in this Ethical Consumer report
There are now Apps that help you to change bank accounts (more personal than business ) like SwitchitGreen