Tred’s 2021 Carbon Impact Report

With Finance Day at the global climate conference, COP27, taking place earlier this week, the financial industry is coming under increased scrutiny to provide solutions that will help mitigate climate change. As big banks in the UK are criticised for their continued investment in fossil fuels, and reprimanded for their greenwashing efforts, Leeds-based neobank, Tred, is offering a greener alternative for everyday people who want their money to be a force for good. Our newly-released 2021 Carbon Impact Report announces our official status as a carbon-neutral banking provider – and we’ve calculated that using Tred over a high-street provider could cut customers’ annual carbon footprints by the same amount as return flights to New York.*

The eco credentials of their money is of growing concern to UK consumers, with over 60% saying they’d switch to a greener provider. Even in the face of the current cost of living crisis, UK consumers’ concerns about the impact of climate change have grown this year. Tred was founded to meet this increasing demand amongst UK consumers for a genuinely sustainable way to manage their money. A people-powered movement, Tred raised millions from everyday investors via crowdfunding, and built a waiting list of 30,000 before launch. Now, we’ve released our 2021 Carbon Impact Report which sets out the impact of their operations, making Tred one of the few UK banking providers to be carbon neutral.

Co-founder Will Smith said: “For too long, big banks in the UK have made vague commitments to tackling climate change while continuing to invest in destructive industries like oil and gas. We founded Tred because we believed there was a better way. The release of this report shows that it’s possible to build a green neobank that genuinely does good – both in how we operate, and in how we help our customers live more sustainably.

“Most people don’t realise it, but holding your money in a bank that invests in fossil fuels is a big contributor to your individual carbon footprint. By committing to carbon-neutral operations, we’ve made sure that when people trust us with their money, they’re doing good for the planet, and reducing their carbon footprint compared to sticking with a big bank.”

Co-founder Peter Kirby said, “Our mission at Tred is to make money work for people and the planet. We’re incredibly proud of our technology that’s helping thousands of customers manage their money in a greener way. But it’s also important to us that Tred is doing the right thing by the planet as a business.

“We commissioned this report to measure our own carbon footprint, and hold ourselves accountable to our mission. We’re proud that Tred is a business, meaning that we reduce or remove the same amount of emissions than we create through our operations. Along with our commitment to never investing in fossil fuels, this makes us one of the best providers in the UK for the growing number of people who want their money to do good.”

Along with its positive operational impact, Tred’s innovative technology helps customers make their everyday spending greener in a variety of ways:

  • The Tred green debit card is made from recycled plastic waste, and every transaction made on it helps fund tree-planting
  • Each transaction on the card is tracked for its carbon footprint, which is shown, in real time, in the Tred app
  • We’re also currently conducting early testing of Tred Connect, a feature that lets customers connect all their other bank accounts and cards to the Tred app to track the carbon footprint of all their spending
  • Tred offers personalised tips and recommendations to help customers reduce the climate impact of their spending over time
  • Finally, Tred cardholders can even choose to offset their monthly carbon footprint through third party-verified offsetting plans, the cost of which will fall as they reduce their footprint over time. Tred customers have offset over 140 tonnes of CO2 so far

Tred have built a community of over 35,000 people who are keen to make the switch to a greener money management app. The Tred app and green debit card (a Mastercard, enabled by global payments platform Nium’s card issuing service) are currently in Beta after being launched earlier this year, and can be accessed on the App Store and Play Store now.

*Source:  My Mother Tree, Travel Nav. Based on a customer holding £12.5k in savings (the national average) with Natwest.

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