Written by John Swire
Everyone wants to do their bit to save the planet, but setting aside money to fund such activities can be tricky. That’s where a new savings account can help – it keeps savers’ money safe while funding woodland creation projects across the UK. And Clean Air Day (17 June) offers an ideal opportunity to take positive action.
#CleanAirDay is the UK’s largest air pollution campaign, bringing together communities, businesses and the health sector to improve public understanding of air pollution, its effect on health, and to explain what people can do to tackle it. According to Global Action Plan, which leads the campaign, air pollution causes up to 36,000 deaths in the UK each year, making it the largest environmental health risk we face today.
One way to combat pollution and improve air quality is to plant trees – and a unique savings account launched by agricultural bank Oxbury does just that. Oxbury Forest Saver keeps customers’ money safe like every bank, but the interest generated goes towards tree planting on farms around the UK, reducing savers’ carbon emissions and improving air quality.
“To begin with, trees will be planted in dedicated new woodland in the Scottish borders, with other farm sites across the UK to follow,” explains Tim Coates co-founder of Oxbury. “Forest Carbon’s woodland creation projects meet the highest standards of the UK Woodland Carbon Code and are audited and accredited by Organic Farmers and Growers and the Soil Association.”
The 12-month savings bond is fully protected by the Financial Services Compensation Scheme and pays the 0.7% AER savings directly to tree-planting projects. In this way, savers can directly offset their carbon footprint, while improving air quality and biodiversity.
“Climate change and air quality are tremendously important, but it’s hard for consumers to act directly,” says Mr Coates. “By using our online carbon calculator, people can work out how much of an impact their savings can make. Putting away £1,250 in the Forest Saver typically mitigates one month of a person’s carbon emissions, while £15,000 will fund the necessary planting to remove their annual carbon footprint.”
Oxbury is already the first British bank to mitigate all its emissions as it grows, including all personal carbon emissions of employees from the day of foundation – and as a 100% agricultural bank, rural and environmental sustainability are at its heart.
Kevin Hollinrake MP, co-chair of the APPG on Fair Business Banking, explains: “The great thing about this new product is that it will help change behaviours by specifically linking the amount people save with the amount of impact they can have in helping to tackle climate change.”
Stephen Prior, co-founder of Forest Carbon, adds: “Forest Saver is a fantastic way for people to put their money to good works in a transparent and quality assured way – the impacts will be real, measured and monitored.”
Get involved with #CleanAirDay today or visit oxbury.com for more information.
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