Why am I interested in Sustainability and Sustainable Finances?
Many have asked me why I am interested in Sustainable Finance. After graduating in an Accounting and Finance degree, I volunteered for a group called Fossil Free Newham. The goal was to encourage public organisations to divest their investments gradually away from the fossil fuels industry.
One of the organisations we earmarked was UK Export Finance (UKEF) who in 2019 were looking at the possibility of investing in the oil shale industry in Argentina. We targeted one of UKEF’s Oil Money Conferences and challenged investors. The aim was to stop fuelling climate breakdown in favour of community renewables instead.
I remember how difficult this was for me. I was frozen. I had never been disruptive in my life let alone in an event where I would be surrounded by Finance Professionals. These individuals could even be my future employer. I even thought for a moment was I being self destructive by doing this.
I recall after we finished speaking, one of attendees shouted out “now that you finished, you can eff off.”
Here’s the thing, these Finance Professionals are only going on the basis of what they know. They been bought up from day one with the principle buy low, sell high. If they are not making a profit for their shareholders and managing directors, they are not doing their job properly allegedly. It has taken years to change people’s logic on this area. It has taken groups like Extinction Rebellion and activists like Greta Thunberg to give sustainability the voice it desperately needs.
The truth is we now need to do our part. Sustainability is not just about reusable coffee cups. It goes all the way to decisions we make as individuals. When I joined the divestment movement, I did not even realise as a consumer every decision I make has knock on effect. Where I choose to do my day-to-day banking. Where I choose to buy my groceries. Where I choose to socialise with my family and friends. How I decide to travel to and from work, school or other commitments. These day-to-day decisions are what determine demand.
If I wake up tomorrow, I could decide to take my money out of Barclays or HSBC and invest it into Co-op, Nationwide or Triodos. You may wonder on what grounds? Well many people in my position both young and old have done this on the ground of ethics. Some have even made this decision on the grounds they disagree with certain companies’ corporate practices and corporate behaviour. I personally disagree with Barclays’s and HSBC’s corporate practices and have been lately questioning their ethics as well.
On my own, this will not have significant impact, unless I was as rich as Jeff Bezos or Elon Musk. However, if multiple people had the same thought that they would think more consciously about their daily financial decisions, that is what creates real impact and makes companies realise if they have to act or risk losing profit.
Divestment works. There is power in numbers. As consumers we dictate demand and I choose to conclude this piece with the wise words once told to Ivanka Trump by a Huffington Post journalist. It’s time we all decide what side of history we want to be on.
