There’s also ‘we’re going to plant lots of trees!’ in all that - which a lot of ‘off setting’ tree planting schemes have been exposed as a bit of a con, for example - planting the wrong trees, planting trees in areas where there was already a better natural environment (wetlands for example), claiming trees have been ‘planted’ when actually it’s a forest which was already there but they’ve now been ‘saved’ from being harvested when there’s no evidence it was going to be harvested…
Generally ‘offsetting’ is a bit frowned upon now as being a viable way to carbon neutrality.
And being able to ‘pay friends’ isn’t something they’ll offer until out of beta?
So, ‘out of the box’ thinking - if you were to come up with a concept of a ‘Environmentally Friendly’ neobank, what actual features would you offer to customers other than ‘we don’t invest in fossil fuels’ (which quite a few banks claim that now anyway) and ‘we plant trees’?
What about something like (unlike Algbra with cashback on everything) targeted cashback for sustainable options. So, cashback for spend on public transport (that’ll probably be popular in the big cities like London)? Cashback with specific suppliers (milkman?).
I’m also not sure how banks like Tred can produce a ‘carbon offset’ plan based on your spend, when they only know where your spending money and not what your spending it on (are you going to Tesco and buying vegan whole foods, or processed ready meals?)
I was literally coming on here to post this. I love how on one hand they’re tipping their hat to Monzo “comparable to other bank accounts” and at the same time charging for what should be a free service - I’m not paying anyone to do basic bank transfers no matter how good it is.
I can’t see Tred lasting personally. I appreciate they have to make money someone but this feels like a miss.
Banks needs to stop trying to produce this is your carbon produced from your purchases. If anyone’s signing up to them for this kind of feature, more fool them. Let’s get a generalised best guess, because that’s all it is.
There’s no way they can look at my transactions and then decide what my carbon produced from that.