Gatehouse Bank has unveiled its Green Saver accounts as new research reveals UK companies are viewed as not doing enough for the environment.
The bank conducted a national survey in the run up to the launch which sees all its fixed term accounts and cash ISAs now coming with the added environmental benefit of a tree planted for each one opened, and the carbon credits registered on behalf of its customers.
Consumers interviewed for the research said they believed only a third (33%) of UK companies are doing enough to help the environment, only four per cent believed every UK company is doing enough, while 15% said that no company is doing enough.
Geraldine Burnett, Gatehouse’s corporate social responsibility manager, said: ‘We want to have a positive impact on people’s lives, not just offering competitive savings rates, but by also providing a greater tangible benefit without cost to our customers. Clearly, from our research the public feels more needs to be done about the climate crisis and feels there is much work still to be done by organisations across the UK to counteract damage to the environment.’
Meanwhile, millions of people are determined to protect the planet with the research showing 93% of respondents are doing things to help the environment, with the vast majority (72%) making efforts to recycle household rubbish, and half (56%) upcycling and reusing household items such as clothes and furniture.
Gatehouse, a Shariah compliant challenger bank, has four fixed term deposit accounts and four ISAs which have all been converted to Green Saver Fixed Term Deposit Accounts and Green Saver Cash ISAs.
The bank expects thousands of saplings will be planted in the first year, with one tree going into the ground for every account opened, or when an existing fixed term savings account is renewed.
As a Shariah compliant bank, all savings deposited with Gatehouse are invested ethically. The bank’s principles ensure that savers’ deposits are never used to support sectors such as alcohol, tobacco, gambling, adult entertainment and the arms industry.
Gatehouse wants to further its ethical and sustainable measures by planting trees which can reduce the amount of carbon dioxide in the atmosphere.
The Committee on Climate Change has recommended that around 30,000 hectares of new woodland should be planted in the UK every year until 2050, which could absorb approximately 10% of residual greenhouse gas emissions.
Specialist UK ecological company Forest Carbon, which creates and develops woodland and peatlands for carbon capture, will be responsible for planting the trees on Gatehouse’s behalf in locations across Britain. All the carbon credits will be listed on behalf of Green Saver customers.
Gatehouse Bank is one of the founding signatories of the United Nations Principles for Responsible Banking. It has been working to align the business with the UN Sustainable Development Goals.
Charles Haresnape, CEO at Gatehouse Bank, said: ‘As an ethical bank committed to aligning our business with the UN Sustainable Development Goals, we are striving to find more ways to support the environment. Tree planting through our Green Saver accounts is a small step, but a practical way we can contribute to the action on climate change.
‘It is clear from our research that the public feels more companies should get involved, and that individuals are eager to play their part in contributing to a greener environment. We believe that through our Green Saver accounts and in partnership with Forest Carbon, we will offer people a simple, positive way to contribute to a better environment. Our goal is to plant thousands of trees in 2021 on behalf of our customers.’