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Banking on Change: Cutting Financial Emissions via a QIP
A GP practice in Scotland is the latest to switch to an ethical bank using the Reducing Emissions Associated with Banking Quality Improvement Project (QIP), launched twelve months ago. The move has the potential to reduce the harmful impact of banking with providers that invest in climate-damaging projects by over 80%.
Dr Alison MacTavish, a partner at Family Medical Group in Douglas, Dundee, who led the project said, ‘We had been discussing switching bank for at least 3 years and we’re so pleased to have now done so. We were with RBS and got quite far down the line with switching to the Co-op bank but their costs for all partners to have access to internet banking and dual authorisation were much higher than our existing bank. We researched other banks using Ethical Consumer and various green switch sites for comparison and have now moved to Unity Trust.”
Changing banks is an important part of our commitment to tackling the climate emergency. I would encourage other practices to do this too. The Greener Practice QIP helps simplify the process and the switch was relatively painless – and very worthwhile. We also took care to tell RBS why we were leaving them.
Dr Katrina Davies, a director of Greener Practice CIC said, “Many congratulations to Alison and her team for completing this QIP. Changing banks is one of the most important steps practices can take to reduce their carbon footprint, potentially saving many tonnes of carbon emissions each and every month. Banks have the power to either exacerbate environmental degradation, for example by financing polluting industries, or to drive sustainability, for example through green lending and investment in low-carbon sectors.
With millions of pounds passing through GP practices in the UK every year, if every practice in the country switched to a low-impact bank, there would be a very significant reduction in the emissions associated with primary care. This QIP is one of over 50 projects available to our members and if you are new to Greener Practice it’s a very good place to start!’
More information about the environmental impact of the banking sector is available here and on the Bank.Green website.