Green financing refers to the allocation of financial resources to projects that have a positive environmental impact. It encompasses a broad range of initiatives, including green bonds, sustainable investment funds, and climate-related insurance products. Green financing is crucial for achieving net-zero emissions, channeling capital into renewable energy, energy-efficient buildings, and cleaner transportation.
Driving sustainability in banking: Triodos Bank
Triodos is a pioneer in sustainable banking and green financing. With €22.5bn ($23.2bn) in assets under management, Triodos operates across Europe, offering accounts, loans, and cards to both individuals and businesses. Triodos focuses on funding impactful sectors like renewable energy, healthcare, fair trade, and social housing, investing only in projects that align with its sustainability and ethical standards.
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In 2023, Triodos financed 640 renewable energy projects, avoiding an estimated 996 kilotonnes CO2e of emissions. Recent initiatives include supporting the UK’s first 100% electric intercity coach service and partnering with Aream Group to finance commercial photovoltaic projects. Triodos provided the largest conservation-focused commercial debt package in the UK with a £20.55m ($25.26m) loan to Oxygen Conservation to acquire 23,000 acres in Scotland for nature restoration. Oxygen Conservation will make repayments based on the sale of carbon credits over 25 years.
Simplifying global carbon credit settlements: Carbonplace
Carbonplace is a carbon credit settlement platform developed by NatWest, UBS, Standard Chartered, and other leading banks. In 2023, it became an independent fintech after raising $45m in seed funding.
By collaborating with exchanges, marketplaces, and registries globally, Carbonplace streamlines carbon credit trading by removing the need for bilateral contracts between buyers and sellers. The platform only processes carbon credits verified by internationally recognised standards, ensuring trust and transparency. In April 2024, PNZ Carbon partnered with Carbonplace to distribute its carbon credits. These carbon credits were generated from a pilot with the Housing Associations’ Charitable Trust to retrofit social housing in the UK for greater energy efficiency.
Integrating climate action into business operations: Greenspark
Greenspark provides a climate API that enables businesses to integrate environmental actions, including carbon offsetting and tree planting, into their operations. For example, e-commerce brands can use Greenspark’s API to add carbon offsets to customer orders. In its latest funding round in January 2024, Greenspark raised $9.4m.
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By GlobalDataIntegrating climate action with Greenspark’s API has proven to deliver both environmental and business benefits. Twistbe, a skincare brand, saw a 26% increase in customers reaching checkout while rescuing over 57,000 plastic bottles from the ocean within 15 months. Similarly, Goodtrip, a clothing brand, experienced a 48% reduction in cart abandonment, while Dec’s Pets, an online pet store, increased its average order value by 21%.
Edward Bickerton is an associate analyst at GlobalData
