Monzo phases out office water coolers and boiling water taps in net zero drive
The bank is on a drive to reach net zero emissions by 2030 and said all businesses have a part to play in tackling climate change.
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Your support makes all the difference.Digital bank Monzo has moved to get rid of its office water coolers and boiling water taps, and offset emissions from business trips in a bid to be more environmentally friendly.
The bank is on a drive to reach net zero emissions by 2030 and said all businesses have a part to play in tackling climate change.
Monzo said it already has lower greenhouse gas emissions than high street banks because it does not have to run a branch network.
The lender, which was founded in 2015 as one of the first app-based challenger banks, nevertheless revealed it had taken steps to reduce the environmental impact at its offices in London and Cardiff.
It uses electricity from renewable sources and green gas, and does not use any gas at all at the Cardiff base, it said.
On such a critical issue, there’s no effort too small or too big that we shouldn’t look to make
The company has made changes to its kitchen taps to eliminate any emissions from boiling kettles and water coolers in London.
It is understood to have refitted the boiling water taps in office kitchens and removed the coolers to cut carbon emissions, according to reports in The Telegraph.
The firm also offsets emissions from staff going on business travel trips, using a company that buys equivalent carbon offsets every time a journey is made.
A spokeswoman for Monzo said: “As one of the fastest growing banks in the UK, and one with lower greenhouse gas emissions than the high street banks, we continue to prioritise our ambition to achieve net zero.
“On such a critical issue, there’s no effort too small or too big that we shouldn’t look to make.”
Rival digital bank Starling Bank said its offices in London, Southampton, Cardiff and Dublin use sustainable energy suppliers, with the company aiming to reach net zero by 2050.
It comes amid a wider drive across UK businesses to cut carbon emissions across their operations as they face pressure from regulators and activists.
Banking giant HSBC said last week it was hoping to leave its 45-storey tower in Canary Wharf and move into a smaller office which helps meet its net zero commitments – including by using predominately repurposed materials for the building’s design.
Meanwhile, supermarket chain Aldi said it was cutting the number of lights it has switched on across its stores in efforts to reduce energy consumption and keep prices of its products low.
Furthermore, companies like energy giants BP and Shell have faced shareholder activism this year as they are pushed to do more to cut scope 3 emissions – which includes emissions created by suppliers.