Research from Ipsos MORI has shown that 85% of Britons are concerned about climate change, but it’s not always obvious what you can do to minimise your carbon footprint. Are there easy things you’re missing? What quick changes can you make that will have a big impact?
Surprisingly, the answer might be hidden in your finances. Chances are you’re paying bills each month in sectors where green options are readily available. The collective impact of switching to these green alternatives can be huge and these options are often cheaper than you might think.
It’s time to start spending like your planet depended on it in three easy steps.
Step 1: Your pension pot
Your pension is one of the most powerful ways to quickly adjust your impact on climate change. According to a recent Finder survey, the average person in the UK has over £50,000 sitting in a pension pot. This is a lot of money being invested on your behalf so it’s important to invest it wisely.
Now think about how long it will be until you retire. Most of us are looking at 30-50 years until retirement and by then the impacts of climate change could start to be really devastating. When it comes to your pension, it’s time to start investing in the world you want to retire in. For example, some pension funds will offer an option that will screen out investment in fossil fuel companies while others might proactively invest in new renewable energy projects.
The good news here is that switching is easier than ever and sustainable investments have performed well against the market. Why not try out a service like Pensionbee or Moneybox today to help you identify and consolidate lost pensions from old employers and move them into sustainable investments?
Step 2: Your energy bills
The next stop is your energy bill. According to research from the Committee on Climate Change from 2014, as much as 50% of the average UK household’s carbon footprint comes from heating and electricity. Unless you’ve switched already, your electricity is probably coming from a coal or gas power station with huge environmental impact.
The good news is that the UK has been transitioning quickly to a greener energy mix and 100% green electricity tariffs are cheaper than most people think. Compare your options today and look out for green providers like Bulb, Ecotricity and Tonik.
The other option is solar panels. This requires more effort and a few thousand pounds but solar panels can drastically reduce your energy bills and costs have been decreasing in recent years. Bear in mind that the government has changed its approach to feed-in tariffs recently so it will require some careful calculations to assess whether it’s a good investment for you or not.
Step 3: Your car
The final cost you should take a look at is related to transport, particularly if you’re doing a lot of driving. The cost of petrol and insurance can really rack up and there are a few green options out there that might also save you money too.
Finder research has shown that 40% of UK drivers are thinking about “going green” with their next vehicle and if you’re in the market for a new electric car then you could be eligible for a government grant of up to £3,500. There’s even better news if you’re in Scotland as you could also be eligible for an interest-free EV loan of up to £35,000. Once on the road, the cost benefits of electric vehicles are well documented and the environmental benefit is huge.
If you’re not quite ready to take the plunge with an electric vehicle then there are also eco-friendly options out there for your car insurance. Companies like By Miles and Cuvva offer pay-as-you-go insurance which creates a financial incentive to avoid the emissions associated with your driving; Co-op also offers an ecoinsurance product that offsets 10% of the carbon associated with your driving.
So if you’re looking to go green in 2020, consider making some changes to your bills and the way you consume. Opting for more sustainable pension pots, energy providers and car insurance policies are just some ways you can make a positive impact. So why not make the switch today?
By Ben King, Sustainability Expert at Finder
Ben is Finder’s corporate social responsibility manager and is currently based in the Sydney office. Before joining Finder he worked for a sustainability consultancy in London with some of the biggest companies in the UK including Virgin Media, the Royal Bank of Scotland and Coca-Cola.
