The Colour Of Money 25, A Publication from Triodos Bank

THE

COLOUR OF MONEY A PUBLICATION FROM TRIODOS BANK UK – 25TH ANNIVERSARY EDITION – TRIODOS.CO.UK

CELEBRATING

25 YEARS OF IMPACT

05 Upcoming crowdfunding projects

Jamie’s Farm

20 Ethical Consumer

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12 Pod Point

22 Gillian Burke

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Community Development Finance Institutions

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04 A MOMENT IN TIME Bevis Watts reflects on the past 25 years and contemplates the road ahead

05 REVOLUTIONARY DESIGN The bank with a new wooden spine

06 CHANGE AND TRANSITION Triodos Bank’s economists share how we should change in the wake of Covid-19

08 CELEBRATING 25 YEARS Anna Turns finds out what drives some of the environmental movement’s most radical change-makers

content

14 KEEPING IT LOCAL How regional lenders are helping to provide access to finance for smaller businesses

16 COLLECTIVE POWER OF THE INDIVIDUAL Film writer and director Richard Curtis on fundraising, campaigning and his mission to make money matter

20 THE FIELD OF EDUCATION We explore how Jamie’s Farm has grown over the last ten years

22 THE COLOUR OF MONEY Q&A Biologist and BBC Springwatch presenter Gillian Burke THE COLOUR OF MONEY This publication is free to all our customers

COLUMN BEVIS WATTS

NEWS

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A MOMENT IN TIME

GET THE LATEST NEWS To stay up to date with Triodos Bank’s news and views, you can always follow our social channels. You can find us on Twitter (@triodosuk), Facebook (@triodosbankuk) and Instagram (@triodosuk).

We’re on LinkedIn and YouTube, too.

You’ll also find more interviews and articles on our website at triodos.co.uk and can sign up for our monthly newsletter.

This is a very special edition of The Colour of Money, celebrating 25 years of Triodos operating in the UK. When Triodos Bank first merged with Mercury Provident, we were just a small operation and we have grown organically to where we are today, thanks to our community of customers and passionate co-workers (whose faces you see on our front cover). I believe we now represent a very important part of the UK banking landscape – challenging the way banking is done. We started with simple saving and lending operations and have gone on to offer current accounts, investments, corporate finance, crowdfunding and more.

It is perhaps not a coincidence that several other sustainable organisations based out of South West England have also celebrated their 25th birthday in the last year - including Ecotricity, Yeo Valley and Thrive Renewables. There must have been something in the water back in 1995 and we have a shared history with those organisations and many more! We hear from some of these pioneers in our main dossier feature (p8).

2020 was set to mark a critical year for progress in sustainability. We had a fantastic line-up for our Annual Meeting in London and had set a date. However, the arrival of Covid-19 saw our priorities focus on supporting our customers and caring for our co-workers. 95% of our team moved to working from home, with just a few attending our Bristol office to keep all services running. There has been no change to customer service through the crisis with our phone lines open and our teams supporting hundreds of customers and businesses and helping them through this incredibly challenging time.

At the same time, we ask what kind of recovery we want to see. As one of the world’s leading sustainable banks, we have a clear focus on making money work for positive social, environmental and cultural change. Ours is a strong model for what successful sustainable banking looks like and we remain steadfast in the promotion of responsible and transparent banking – continuing to actively challenge an economic system that underpins racism, inequality and climate chaos.

We hope that as society recovers, the learnings from this crisis provide an opportunity for all banks to refocus on their role in society and consider the long-term welfare of customers in all their investment decisions. Values-based banking has never felt more relevant; money used in the right way really has the power to change the world.

Thankfully we are also hearing many of you supporting: ‘Change your Bank, Change the World’. We are experiencing a mainstream understanding of the power of aligning your money with your values – not only investments, but in current accounts and savings as well. People are starting to understand that their actions are critical to change our banking system.

For me, the banking system continues to undermine too many of the sustainability goals that I have spent my career trying to contribute towards. Too few banks are doing too little to change, and they need to get much better at considering the externalities of their loans and investments, their impact on society and the future global systemic risks those environmental and social impacts create.

Therefore, consumer pressure has never been more important. I’m excited to see the recent launch of the Make My Money Matter campaign, backed by Richard Curtis (interview, p16) who I’m delighted to say has joined the bank as a customer.

In the short term, we will be lending our voice to this campaign, and to many others that are focused on a green and healthy recovery from the Covid-19 pandemic. In the long term – hopefully for another 25 years – we plan to grow to become a more established presence in the UK, in the way that we already have in the Netherlands where we celebrate 40 years of impact this year.

We need your ongoing support to achieve that. And in return, we will commit to staying focused on financing companies, institutions and projects that add cultural value and benefit people and the environment.

We are a community of like-minded people who know money can work for positive change, and it is our customers who inspire us to keep going. Thank you.

Bevis Watts CEO, Triodos Bank UK

ROYAL RECOGNITION Triodos Bank has been recognised for its commitment to sustainability with a Queen’s Award for Enterprise – one of the most prestigious business awards in the country. Triodos received an award in the Sustainable Development category, which celebrates commercially successful products and services that benefit the environment, society and the economy.

Triodos was commended for leading the way in creating a more sustainable approach to banking. The panel saw how the bank’s approach could be used as a reference point for how to marry sustainability with commercial success.

The award followed a successful result at the British Bank Awards where, thanks to votes from customers, Triodos took home the prize for Best Customer Service, as well as runner up position for Best British Bank.

In voting for us and providing this recognition our customers are creating disruption in the banking sector and raising awareness of the need for change.

QUEENSAWARDSMAGAZINE.COM

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COMING SOON This summer, we’re excited to be supporting three charities looking to grow through our crowdfunding platform.

Thera Trust supports over 3,000 people with a learning disability, enabling them to live a fulfilling life. We’ve partnered with the organisation previously and look forward to helping it raise funds to provide specially adapted properties for some of its beneficiaries.

For 150 years, Nottinghamshire YMCA has championed its belief that everyone deserves to reach their potential. Its Community and Activity Village will be home to world-class health, education and digital facilities that integrate with employment pathways and community programmes.

The London Early Years Foundation (LEYF) is an award-winning charity that operates nurseries in London. Its crosssubsidy model ensures high-quality childcare is available for families on low income. LEYF is raising funds to purchase properties, so it can continue to provide care to some of the most disadvantaged children in the capital.

TRIODOSCROWDFUNDING.CO.UK

NEWS

REVOLUTIONARY DESIGN At the end of last year, our colleagues in the Netherlands moved into an inspiring new office building in Driebergen, near Utrecht.

While its rounded design and walls made entirely of glass may be the first features that strike people, the new office’s reusable design is what makes it ground-breaking.

The building has strong sustainability credentials, including a green roof, rainwater harvesting and even a naturally inspired shape, designed to avoid disrupting the flight path of bats.

However, the truly unique element is that the building is designed with the

circular economy in mind. In total, 165,312 screws hold the ‘Lego set’ building together making it possible to dismantle and reuse the construction materials in the future – all of which are documented in a public database.

Although Triodos Bank often finances sustainable buildings, it seldom has the opportunity to construct such a building itself, so this was a unique chance to champion a landmark project in the move towards a circular economy.

SUSTAINABLE PRINTING Triodos Bank is committed to minimising paper usage in our operations. We have reduced paper use in our customer communications and encourage customers to optin for paperless statements.

This magazine is carefully produced to the highest sustainability standards with 100% recycled paper. See the back page for more information on the printing process.

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“It’s time to move beyond economic growth as the holy grail of economic progress.

We need to rebalance social, ecological and economic values to ensure the promotion of broad welfare and inclusion.”

Kees Vendrik and Hans Stegeman

CHANGE AND TRANSITION

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MY VISION

NEW PERSPECTIVES When reflecting on the Covid-19 pandemic, the initial response of many is the desire to go back to normal as quickly as possible and regard the crisis as an inconvenient but short interruption. That’s probably not what lies in front of us. With a quick and likely deep recession on its way, our health systems being tested and governments continuing to exercise huge control of public life, these times will be different.

MIT (Massachusetts Institute of Technology) lecturer Otto Scharmer wrote recently: “What if we used this disruption as an opportunity to let go of everything that isn’t essential in our life, in our work, and in our institutional routines? How might we reimagine how we live and work together?”

We must all do our best to be open to new perspectives and invite others to do the same.

Triodos Bank is part of a large community of frontrunners promoting the transition to a sustainable and inclusive economy and society. This community holds many ambitious and extensive proposals for driving change, which can now be repurposed to utilise the new momentum for strong and resilient communities and economies.

Today, naturally, everybody is busy with dealing with the immediate effects of the crisis, in hospitals, local communities and the broader economy. Tomorrow, let’s see this crisis as a wake-up call for all.

It’s time for a reset of the current economic system. The coronavirus outbreak is a terrible event. But the global ecological degradation seems to be fertile ground for this type of outbreak. The present crisis also shows the great vulnerability of our global economic system, excluding many people

lacking resources and social protection.

After all, it’s bad economics: the current costs in human, social and monetary terms should make everybody think.

History shows it may take two crises to change. Following the financial crisis of 2008, maybe now we have arrived.

Let’s resist the attempts, already visible, to postpone the climate and food transitions or to put improving social inclusion and reducing inequality on the waiting list. Let’s reject actions of fear, blame, egoism and nationalism by offering tangible initiatives of cooperation, solidarity and humanity. The community we’ve served for the last 40 years across Europe has a lot to offer here.

National and international recovery plans should build on agendas like the European Green Deal, the redesign of the current food and agricultural system, reconnecting finance to the real economy. They should be based on markets steered by true prices and circular regulation, smart public investment plans and greening of tax systems, grants, financial regulation and trade regimes.

It’s time to move beyond economic growth as the holy grail of economic progress. We need to rebalance social, ecological and economic values to ensure the promotion of broad welfare and inclusion. Let’s revalue the ecosystems on which all human activity depends and start building a regenerative economy that respects planetary boundaries and restores the huge damage done in the past decades.

The resilient economy of the future is based on stakeholder business models being the leading models of economic development, respecting mutual dependence in good and bad times and being connected to the communities they serve.

Let’s use our hearts, heads and hands – together.

KEES VENDRIK, CHIEF ECONOMIST AT TRIODOS BANK, AND HANS STEGEMAN, HEAD OF INVESTMENT ANALYSIS AND ECONOMICS AT TRIODOS INVESTMENT MANAGEMENT

This is an extract from an essay ‘The Corona Crisis’ published on the Triodos website in April 2020.

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CELEBRATING 25 YEARS

words ANNA TURNS

DOSSIER

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The Colour of Money finds out what drives some of the environmental movement’s most radical change-makers, reflecting on the impact they have made in ethical business as Triodos Bank customers.

Cafédirect has invested £19 million in growing communities since it was founded in 1991

£19 MILLION

RIVERFORD RECEIVED ORDERS FOR AN EXTRA

10,000 BOXES A WEEK WHEN THE CORONAVIRUS LOCKDOWN BEGAN

Twenty-five years ago, when Dale Vince discovered that the energy sector was the single biggest cause of climate change in Britain, he felt compelled to leave his travelling lifestyle on a mission to change the way electricity was made by replacing fossil fuels with renewable energy. “There was so much scepticism and most people scoffed at the idea.

Even within the industry, I’d regularly be asked ‘what’s green energy?’ and ‘who is going to buy it?’” explains Dale, founder of the world’s first green energy supplier, Ecotricity.

Every movement begins with a handful of outspoken disruptors challenging the status quo, followed by a wave of early adopters. Dale is just one of many innovative environmentalists spearheading alternative business models, having campaigned for decades to create radical, positive change in the way we power and heat our homes.

Since starting with just one turbine in 1995, the wind farm entrepreneur has continued to push the boundaries as the first energy company to declare a climate emergency and the first to hopefully

achieve carbon neutrality before 2025.

As well as building more solar parks and wind turbines, he has big plans to further revolutionise the sector. “I always felt that we had the answer for electricity, we could make it renewable, but for gas we’d have to give it up altogether.

Then ten years ago, I discovered that it was possible to make gas from organic material and feed it into the grid using the existing infrastructure,” explains Dale, who plans to build green gas mills whereby marginal grassland that isn’t being used to grow crops will be cut and processed by an anaerobic digestor to create green gas.

Dale estimates that there’s enough marginal grassland in the UK to power every home in the country with carbon neutral gas that’s truly sustainable, while creating diverse wildlife habitats and 100,000 jobs in the rural economy in the process. “Switching fuel source is much simpler and cheaper than retrofitting every gas boiler in the country to decarbonise the heat sector. And it means we don’t need to frack, we just need to mow the lawn,” he adds.

A different way of thinking The ability to think outside the box has also been a key ingredient to Guy Singh-Watson’s success. The founder of Riverford, the Devon-based organic farm and veg-box company, first worked as a management consultant in London and New York before returning to the family farm at 26, with a vision to provide an alternative to supermarket shopping and ‘produce something useful to the world’.

Since 1987, Riverford’s business success has been about much more than just profit. “At Riverford, we start with the premise that we want to do something valuable whilst causing the minimum damage, then work out how to make it economically viable,” explains Guy. Two years ago, Riverford became employee-owned when Guy sold 74% of the company to its 740 employees, now co-owners, at a quarter of its market value to ensure that the company’s ethical values, independence and success would continue. “We have really turned our back on conventional finance models where we could borrow to grow quickly and sell out to venture capitalists. Instead

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DOSSIER

A Triodos Bank loan enabled Riverford’s Guy Singh-Watson to purchase his farm in Devon and then transition to employee ownership in 2018.

we will grow ‘organically’ within our own resources and being employee-owned will protect our model of sustainable largescale food production. It’s an exciting time and a big change,” says Guy. This year, Riverford has had to adapt to a sudden surge in demand for home delivery. When the coronavirus lockdown began, the business saw a 25% rise in deliveries, which was akin to the Christmas period – but without any preparation. This meant an extra 10,000 boxes on order every week, predominantly due to existing customers switching to regular orders.

Guy has noticed environmental awareness rise steadily within his customer base since he began and more recently become heightened. “It’s become ever more evident that we can’t continue to treat the planet as we have done,” says Guy. “Extinction Rebellion and climate activist Greta Thunberg really give me hope because they are really trying to hold government to account and that desperately needs to happen.”

Bringing systemic change Organic farming now makes up 4% of all agricultural space in the UK but that won’t significantly increase with consumer choice alone. “Clearly you can bring about some change by voting with your pound and supporting ethical business models but we really do need more responsible politics and top-down legislation,” explains Guy. “Shorttermism is one of the great weaknesses of capitalism and there’s a deep-rooted unwillingness to deal with complex issues because the focus is solely on profit when they require long-term solutions and systemic change.”

Helen Browning, chief executive of the Soil Association, the charity which has advocated for an organic approach to food and farming since 1946 and which

first launched its organic certification scheme in 1975, agrees: “We need to reengineer our economics as well as our regulatory framework so that it’s a nobrainer for people to do the right thing in order to fundamentally shift society.

When we mobilise, governments can do extraordinary things very quickly, as we are seeing through the Covid-19 crisis.”

The Wiltshire-based farmer remains optimistic: “The crisis has disrupted every aspect of our lives, and that brings opportunities alongside the ghastliness of the situation. Calls for ‘build back better’ are growing, and the importance of food and the natural environment are increasingly recognised.”

“The organic movement plays an incredibly important role in being at the leading edge of change and showing what’s possible – there’s now a chance for much more rapid change than we have been able to create over the past 25 years,” says Helen, who has noticed that farmers are increasingly enthused about moving towards more sustainable methods and policymakers are thinking more creatively about how to use public funds to deliver the natural environment that will be the bedrock of future food production, whilst tackling climate change and the biodiversity crash. “The climate crisis, the way we eat, and the depletion of nature are all interconnected issues, so we need more holistic solutions.”

The power of communities John Steel, CEO of Cafédirect, the UK’s first B-Corp certified coffee company, also wants to shake up the fast-moving consumer world. As a pioneer in the Fairtrade movement, every product that it sells carries the Fairtrade mark and over half of coffee sales are certified organic. “We want the business to be a force for good,” says John who points

out that the price paid for non-Fairtrade coffee doesn’t provide anywhere near enough income for farmers. “It’s a complete scandal,” says John who invests up to 50% of profits in Producers Direct, a charity that works with and for farmers across the coffee-growing world, to improve sustainability and livelihoods.

To date, the total contribution that Cafédirect has invested in growing communities is £19 million through investment in Producers Direct, as well as contributions to the Fairtrade and organic movements. “It’s an example of how you can do things differently,” adds John. “You won’t solve the world’s problems by yourself, but we can navigate and help change the way things are done, together.”

This firm belief in the power of communities is what fuels Thrive Renewables, the Bristol-based sustainable energy company. Today, renewables deliver a third of UK electricity generation, but 25 years ago that figure was less than 2%. “On your own you can make a change, but as a community we can make a real difference,” says managing director Matthew Clayton who recognises that the future of clean energy starts with people power. With local programmes designed to empower low-carbon communities and a more than sixthousand-strong investor community, Thrive owns, or has funded, 50 wind turbines across 19 sites, powering the equivalent of over 46,000 homes.

But in this constantly-changing energy landscape, government subsidies and funding mechanisms cannot be relied upon. Thrive Renewables continues to fund and build new renewable energy projects working with developers, landowners and industrial hosts to deliver projects which perform environmentally, financially and socially. Thrive Renewables introduced innovative financing through a bond offer that raised £10 million, attracting over 900 investors.

Enabling investment from members of the public who wish to help finance clean energy sources and tackle climate change is a fundamental part of Thrive’s mission: “Thrive exists to connect individuals with sustainable energy, allowing our investors to contribute directly to change,” Matthew says.

As we begin to recover from the huge shock of the coronavirus pandemic, it’s this growing empowerment of communities, individuals and business leaders that leads to louder demands calling for social, environmental and cultural change. From that first wave of visionary innovators and early adopters, society could be on the cusp of a big shift towards more sustainable solutions that pave the way for a greener future.

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DOSSIER

Helen Browning is chief executive of the Soil Association, the environmental charity that promotes the importance of sustainable, organic agriculture, and has partnered and banked with Triodos Bank for over 20 years.

In 1996, Triodos Bank helped finance Dale Vince’s first wind turbine at Lynch Knoll in Gloucestershire. Twenty-four years later, Triodos Bank continues to partner with Ecotricity.

Cafédirect has been a Triodos Bank customer since 2004, when it launched an ambitious £5 million crowdfunding initiative.

Thrive was first established as Wind Fund Plc by Triodos in 1994, when only 2% of the UK’s electricity was supplied by renewables. It continues a close relationship with Triodos to this day.

“We need to reengineer our economics as well as our regulatory framework so that it’s a no-brainer for people to do the right thing in order to fundamentally shift society.”

Helen Browning

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NEWS

DRIVING CHANGE With more than 62,000 charging points, Pod Point is one of the UK’s largest providers of electric vehicle (EV) charging infrastructure. The company is building a network of smart charging points that are easily accessible for drivers – both at home and on the road.

One of its pioneering projects, created in partnership with Tesco and Volkswagen, is seeing hundreds of free EV charging points supplied, operated and maintained by Pod Point at Tesco stores across the country.

FIT FORTHE FUTURE

The Government’s commitment to bring all greenhouse gas emissions to net zero by 2050 will have huge implications for the construction industry. Yet some innovative property developers are already paving the way in building homes fit for the future.

“We are witnessing a pivotal moment for the UK’s rapidly expanding public charging network,” said Erik Fairbairn, CEO and founder of Pod Point. “Through our partnership with Tesco and Volkswagen we are rolling out smart, easy-to-use chargepoints at a scale that is going to accelerate EV adoption in ways we haven’t seen before.”

Finance from Triodos Bank UK has helped to support the rollout – the bank’s first lending in the UK to support the EV transition.

POD-POINT.COM

Ssassy Property’s Springfield Meadows development is thought to be one of the UK’s most sustainable residential projects and delivers on 2050 carbon goals thirty years ahead of the deadline.

It uses a zero-carbon construction method and is net-zero energy when occupied. The 25 homes are powered by solar panels and mini heat pumps, while natural fibre insulation means that the

homes are highly energy efficient.

Triodos Bank UK’s Simon Crichton said: “It’s exciting to work with Ssassy to make our first UK loan to private residential eco-build properties. The bank has many years’ experience in lending to building projects with high environmental standards, however these have to date been public or commercial properties.”

SSASSYPROPERTY.COM

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THE FLODIGARRY HOTEL is a traditional family-run hotel, with a Green Tourism Gold Award, in a stunning location on the Isle of Skye. The Flodigarry team began working with Triodos Bank in 2013, and we continue to support them through these challenging times. hotelintheskye.co.uk

WASPS (Workshop & Artists Studio Provision Scotland) is one of Scotland’s largest arts organisations – supporting, sustaining and developing the country’s vibrant arts community. Triodos Bank has worked with Wasps since 2004, providing loans to support the refurbishment of studio properties. waspsstudios.org.uk

GOLDEN LANE HOUSING works with people with learning disabilities to provide supported housing around which they can build their lives. The organisation has been a Triodos customer since 2003. glh.org.uk

BETTER FOOD is a Bristol-based independent retailer and café, specialising in organic, local and ethical food and products. It’s been working with environmental campaigning organisation City to Sea to develop a system for serving takeaway coffee that doesn’t depend on single-use cups, to be rolled-out as the Covid-19 lockdown eases and shops reopen. betterfood.co.uk

knowwhereyourmoneygoes.co.uk These projects are all financed with the support of Triodos Bank savers. For more information on these and other organisations financed by Triodos Bank go to knowwhereyourmoneygoes.co.uk

RENDESCO is dedicated to combating climate change through the design and installation of heat pump systems. A longstanding customer of Triodos Bank, the company recently raised finance through Triodos’s crowdfunding platform. rendesco.com

KNOW WHERE YOUR MONEY GOES

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KEEPING IT LOCAL Little Kitchen, a cookery school in south Bristol, was set up by two friends in 2014 to provide affordable workshops and courses for adults and children, teaching them practical food skills and confidence in the kitchen.

words ELLIE JAMES

Founders Madeleine Joanes-Owen and Claire Warren combined their food and teaching experience to start the business – and it has since gone from strength to strength.

Little Kitchen is just one of the 5.9 million small and medium-sized enterprises (SMEs) that make up 99.9% of the UK business population. Each of these businesses plays a key role in providing jobs and supporting the local economy.

However, many SMEs struggle to access the funding they need to thrive, especially outside London and the South East. At the end of 2019, traditional large bank lending to SMEs had fallen for nearly three consecutive years.

Community Development Finance Institutions (CDFIs) offer one possible solution. They work to transform how small businesses access finance by providing loans where mainstream banks won’t lend.

The 2019 report ‘Scaling up Community Investment in the UK’ notes: “CDFIs have a social mission – they target lending at underserved small businesses that are often based in disadvantaged

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PROJECT CV CDFIs

Triodos Bank UK has financed four accredited CDFIs. Social Investment Scotland, BCRS Business Loans, Finance for Enterprise and SWIG Finance cover areas from Scotland to South West England, via the West Midlands and North East. They all understand and comply with Triodos’s minimum standards lending criteria.

communities across the UK or are led by disadvantaged groups.”

Many CDFIs, which are accredited by the government, previously operated using European and government funding.

However, the changing political situation has meant they have had to find alternative fund sources. Seeing an opportunity to create impact in new areas, this is where Triodos Bank became involved.

Matt Boggan, who leads on lending to CDFIs at Triodos Bank UK, says: “With the traditional high-street bank disappearing, CDFIs pick up the businesses that have been left behind.

They’re able to offer smaller, unsecured loans – meaning that property or other assets aren’t used as collateral. At Triodos, a large majority of the organisations we’ve always served are SMEs, but we haven’t previously been able to help with these sized loans. This specialist wholesale lending helps us move into this space.”

CDFIs also provide more than just funds, they offer wraparound support to businesses, with a hands-on approach.

“Working at a regional level, investment managers know their people and they

know their patch,” Matt adds.

Rebecca MacDonald, investment director at Big Society Capital, explains: “Thanks to their relationshipbased models and local knowledge, CDFIs are able to lend to small businesses and help client groups that are traditionally underserved by mainstream finance providers.”

“When these businesses succeed and grow, they can hire more local people into meaningful employment and support local economic activity, especially in disadvantaged areas, which helps tackle inequality and promote inclusive growth.”

Little Kitchen is among the SMEs that have benefitted from this scheme – it received funding from southwestfocused CDFI SWIG Finance to support its business continuity and growth. In fact, its cookery classes had become so popular that the business needed to relocate to larger premises.

Looking to the future, many likeminded SMEs have a key role to play in supporting local economic activity.

Matt concludes: “We’ve been lending to innovative areas and putting the community first for the past 25 years – CDFIs provide a great channel for us to continue to have this impact.”

“When these businesses succeed and grow, they can hire more local people into meaningful employment and support local economic activity.”

Rebecca MacDonald, Big Society Capital

INTERVIEW

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COLLECTIVE POWER OF THE INDIVIDUAL Writer, director, co-founder of Red Nose Day and UN Sustainable Development Goals Advocate, Richard Curtis is leading the new Make My Money Matter campaign to help members of the public match their finances with their values. We talk to him about his extraordinary life and what has now driven him to focus on motivating everyone to demand that their money builds a better world. words ED GRATTAN

Visit the Make My Money Matter website to sign up and find out more about the campaign. Triodos Bank UK is proud to be a founding pledge partner in recognition of our own ethical pension scheme.

MAKEMYMONEY MATTER.CO.UK

When we speak to Richard Curtis it is just days after he has helped organise the BBC ‘Big Night In’, raising more than £70 million for charity. The event brought Comic Relief together with Children in Need to support local charities and projects, providing vital emergency support through these extraordinary Covid-19 times.

“Comic Relief’s job, I have always thought, is to act as a facilitator. If you take someone like me, I was inspired by Live Aid and I’ve been on a journey ever since to think about how we can help people with very hard lives. It’s a long journey.”

Richard started Comic Relief after visiting Ethiopia during the 1985 famine.

“I’ve gone from fundraising, particularly embodied by Red Nose Day and Comic Relief, to more political and structural campaigning embodied by the Live 8, Make Poverty History and Drop the Debt campaigns.”

More recently, in 2015, he helped found Project Everyone to promote the Global Goals – building up to become a UN Advocate for the Sustainable Development Goals (SDGs). He says: “The SDGs give the most comprehensive picture of how we can move forward.

They’ve also made it clear to me that it is not only government action that is important - businesses can lead the way.”

Generational shift Today what strikes Richard is that individual behaviour is hugely important.

He sees this as a big cultural and

generational shift. “If you were to say to me in 1985, ‘what can I do to help?’ then I would have said give money to charity, yet if you were to ask to my daughter today, she would say ‘change the way you behave’.

“I see people taking action and changing their choices in their day-to-day lives.

Then suddenly we all see that the biggest thing we could do is check how our money is being invested, and make sure it is in all the things that will make the world better and more sustainable. It is one of the most powerful actions we can take, and completely in tune with the times. That is what led me to Make My Money Matter.”

Richard has been inspired by an upcoming activist younger generation, including his own daughter, and enormous numbers of people taking action. He sees their individual action changing the nature of business, and which organisations thrive. “If successful, we could see huge transfers of money away from the destructive, harmful investments of the past, and into those which help build a future we can all be proud of. That is why I think this is such an exciting area to be campaigning in – I’m convinced it is the next big thing,” says Richard.

Make My Money Matter is creating a movement calling for the trillions of pounds invested in our UK pensions to build a better world. Why the focus on pensions? Richards says: “It wasn’t easy, we wanted to do everything at once. But

this is one specific thing we can all do, and it can have an enormous impact.

Remember a lot of people’s pensions are offered by the business they work for, and if the pressure builds for a whole company to change then you get a domino effect. Ultimately, we believe we can help ensure all individuals and businesses are getting pensions they can be proud of.”

Richard believes that once everyone starts to grasp this, the next thing they’ll do is go to their bank and ask them what they are doing with their money. This is what led him to become a Triodos customer. “Triodos got there 25 years early with this idea. The existence of Triodos is one of the things that makes me feel safe when people say to me ‘this can’t happen’ as it is already there.”

Build back better The Covid-19 pandemic arrived just as the campaign was about to kick off.

Despite this the plan is still to launch it this year. “2020 was set to be a very big year for progress. Now there is a big fork in the road once the worst of the Covid-19 pandemic passes - are we going to build back better or build back the same?

“As a definitive example of our mutual vulnerability and responsibility, are we now going to say let’s just operate in the old way until we get over the recession?

Or could we say, every step of the way, let’s try and steer towards a more sustainable way of living.”

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CV RICHARD CURTIS

Film writer and director, Richard is responsible for films such as Four Weddings and a Funeral, Notting Hill, Bridget Jones’s Diary, Mr Bean, Love Actually, The Boat That Rocked, and most recently Trash, About Time and Yesterday.

He has co-produced the 16 live Comic Relief nights for the BBC since 1988 and the charity has made over £1.3 billion for projects in the UK and internationally during that time.

“We want to raise the issue of one’s financial footprint. I believe this is an idea whose time has come.”

Richard Curtis

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THE NEW BANKING

QUALITY, NOT QUANTITY. Research carried out by Positive Money has found a substantial majority of people want the Government to now prioritise health, wellbeing and the environment over economic growth. The poll took place in May, amidst the economic hardship of the coronavirus crisis. In light of the results, Positive Money has been calling on the Government to publish more holistic statistics, that look at the wellbeing of society overall, to drive policy decisions. Its report, The Tragedy of Growth, has backing from Caroline Lucas of the Green Party, and former conservative Environment Minister Lord Deben.

POSITIVEMONEY.ORG

FIXING A BROKEN SYSTEM New rules from the Financial Conduct Authority (FCA) on overdrafts have recently come into force. The changes aimed to protect customers and included restrictions on how much could be charged for unarranged overdrafts. However, the unexpected response of many high street banks was to significantly increase the charge for arranged overdrafts.

Personal finance expert Andrew Hagger says: “Rather than review their cost models the banks have taken the easy option and simply shifted the cost of banking.” Through the launch of our Triodos personal current account, we have campaigned for greater transparency around the costs associated with banking services and who pays. The new FCA ruling did not change how we operate, and we are pleased to make a point in a system that penalised those struggling the most financially.

TRIODOS.CO.UK/TRUE-COST-OF-BANKING BANKERS FOR NET ZERO

Triodos has helped develop a new initiative called Bankers for Net Zero with consultancy Volans.

It aims to promote best practice in UK banks, focusing on leadership for the net zero transition, developing policy and fostering collaborations with businesses.

VOLANS.COM/ PROJECT/BANKERSFOR-NETZERO

ETHICAL CONSUMER MAGAZINE

The latest issue of Ethical Consumer examines the negative impact coronavirus is having on the workers who supply our modern consumer markets. And with soap playing a crucial role in limiting the spread, the issue also recommends the UK’s most ethical soap companies. Launched over 30 years ago, Ethical Consumer examines the ethical and environmental record of the companies behind everyday products and services. Its finance special is coming up later in the year. A discounted subscription offer is available for Colour of Money readers: 14 months for the price of 12 at £26.95 per year, when paying by Direct Debit. Use the code triodos2020 in the notes field on the subscription pages. T&Cs apply.

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FACTS & FIGURES

330% (48 to 160) – the increase in the number of people that Thera Trust, a charity that supports people with learning disabilities, has housed since its first Triodos bond was launched in 2015.

2,265 TONNES PER YEAR OF CO2

S

P M

EN

DI

L AB

4,925

HOMES POWERED ANNUALLY BY CLEAN ENERGY THAT HAS BEEN GENERATED FROM SIX CROWDFUNDING PROJECTS*

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EN

ES

EW

CO C O M I G AC H MUN CIC IT Y

*Annual average domestic household consumption is 4,200 kWh

THE COMBINED AMOUNT that was gifted back to the community from renewable energy projects Mendip Renewables, Coigach Community CIC and Burnham & Weston Energy during their first year of operation.

BU & W R NH E A EN S TO M ER N GY

Source: Thera Trust, Mendip Renewables, Coigach Community CIC, Burnham & Weston Energy, Dart Renewables, Dove Renewables, Linton Hydro, Rendesco, Bristol Wood Recycling Project

ON L IN T R O HYD

£194,000

D NE A R WA T BL E

S

RE

E VE BL DO WA NE

RE

SAVED through Rendesco’s 53 groundsource heat pumps, which are located at retirement homes around the country.

330%

CROWD PLEASERS

15% INCREASE in volunteer capacity at Bristol Wood Recycling Project, one year on from its crowdfunding investment.

TRIODOS BANK has been pioneering crowdfunding – and connecting investors directly with positive organisations – for more than 15 of our 25 years. During that time, we’ve raised over £162 million in social investments for 42 individual organisations.

To celebrate what has been achieved so far, we’ve looked back at these organisations and the impact that they’ve had on people and the planet.

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THE FIELD OF EDUCATION When Jamie Fielden first started teaching in Croydon, he experienced something encountered by teachers up and down the country: namely that many of his pupils had become disillusioned with an education system that measured their “success” against a rigid and narrow set of criteria. words: ANWEN BOWERS

In the 10 years since JAMIE’S FARM was founded, the charity has helped thousands of young adults across the UK to grow in academic, social and emotional confidence.

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“Jamie’s Farm is the most powerful intervention for young people that I have discovered in 15 years in teaching and senior leadership. The experience has a profound effect on the students’ sense of self, their self-esteem and aspirations and their relationship with other people.”

Special educational needs & disabilities co-ordinator, The John Fisher School, Croydon

KNOW WHERE YOUR MONEY GOES

In search of a way to re-engage with his students, Jamie decided to experiment by bringing some lambs from his family farm into the playground.

“The change in the students was remarkable,” recalls Jamie. “Students who had struggled to connect with a world of textbooks found something tangible and relatable in the experience of caring, and being responsible for, a living animal.

Growing up in inner city London, many had never seen a lamb before.”

Inspired, the next step for Jamie was to start working with his mother, Tish, a qualified psychotherapist, to bring students from London to the family farm for residential retreats. What they observed during those visits reaffirmed the initial experience in the playground.

Being given the responsibility of work, and the opportunity to interact with nature seemed to improve the students’ confidence and aspirations.

In 2009, Jamie’s Farm became a registered national charity. A loan from Triodos Bank allowed Jamie and Tish to purchase the first official Jamie’s Farm site near Bath. Since then, the charity has continued to grow. Jamie’s Farm has expanded to a total of four sites, and, as of 2019, has worked with a total of 7,000 young people from across the UK. “We visit the students at their school before they come to the farm to make sure they understand what they’re signing up to and to get them excited,” explains Jamie. “Before the visit, they sign a contract which makes it clear that life on the farm will likely be very different from their day-to-day life. Whilst they’re with us, they will be doing plenty of physical work, caring for the animals and crops, and won’t have access to their phones or technology. In return, we give them the space and support to reflect, to be successful and to start to realise their true potential.”

THE JAMIE’S FARM APPROACH Jamie’s Farm operates according to its formula of Farming, Family and Therapy. The charity runs five-day residential courses for young people on its four farm sites, at no cost to the pupils themselves.

Its aim is to address the root cause of exclusions by boosting students’ confidence and re-engaging them with educational life. Jamie’s Farm works closely with schools and partner organisations to deliver a strong follow-up programme to help the students carry their improved self-esteem and behaviour into life after the farm.

COLOUR OF MONEY

PRODUCTION

THE COLOUR OF MONEY Q&A We discuss education, diversity and the natural world with biologist and BBC Springwatch presenter, Gillian Burke.

THE COLOUR OF MONEY is a publication from Triodos Bank editor ED GRATTAN contributors ELLIE JAMES ANWEN BOWERS ANNA TURNS graphic design EATCAKE DESIGN, BRISTOL art direction STUDIO ROOM photographers BERT RIETBERG printer SEACOURT, OXFORDSHIRE Printed on 100% recycled paper with zero waste to landfill

Do you think public attitudes towards environmental and ecological causes have changed over the past two years?

I think some issues have climbed further up the agenda in the last two years and that’s great, but it’s important to remember we’ve had a few passes at this already. There’s a sense that nobody talked about the environment until the last two years and that’s simply not true. I’m old enough to remember the first real political discussions around what we then called ‘global warming’. In the late 1990s, people were talking about it and we were moving towards consensus among world leaders on how to tackle it. To say we didn’t get it right first time around would be quite the understatement, but we need to look back at recent history to avoid making the same mistakes again.

From maggot farming to television presenting, Gillian Burke has followed an unusual career path from growing up in Kenya to joining one of the nation’s best-loved wildlife television shows. She can be found on Instagram and Twitter @gillians_voice and blogging on gillianburkevoice. com/blog Gillian featured in Triodos Bank’s ‘Change your Bank, Change the World’ campaign.

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You’ve supported projects on rewilding, plastic waste reduction and tree planting.

How do you choose causes to support?

I’m a doer – I like campaigns where people are creatively working their way around obstacles and aren’t waiting for policy change first. There’s a great expression that is used among the First Nations peoples in Canada, it’s called ‘water over stone’. I think of that image of a river working its way around obstacles, and I love supporting campaigns that can do that. Essentially, when they find their own creative ways to make it happen.

And what projects are next?

Well this year has been the mother of all disrupters and we’re only halfway through! Off the back of climate activism, Covid-19 happened and now Black Lives Matter – people are hungry for change and in my view the focus must be on both social and environmental injustice. Progress is made by looking honestly at how the past shapes the present and future – who are the winners and

losers of the system. We must look to restore and integrate a fractured world across habitats, diversity, gender, socio-economic, urban and rural issues. I’m supporting movements that are about restoring natural systems and indigenous wisdom, bridging gaps and making things less polarised.

What natural success stories should we be most proud of?

In the UK, there are many examples of nature reserves that have been regenerated from former industrial sites. The ones that really stand out for me are in Yorkshire, where there are some brilliant RSPB reserves, like Fairburn Ings and Old Moor. These are great examples of where landscapes have healed over 20 or 30 years, from what looked like post-apocalyptic scenes. They’ve regenerated to the point where some species that were virtually extinct in Britain have made a tentative return. If we can continue this trend, who knows? Some species might have a fighting chance of making a proper comeback.

There’s still a lot of work to be done, but it just shows how much latent power there is when nature’s given a chance.

We’ve heard that you have a passion for singing. How does this provide a balance to your day job?

I think we have a lot to learn from how music can inspire and empower. In particular, Gospel music has this incredible energy of taking people through a whole cycle of emotion. From accepting and acknowledging that you’re in a difficult place, to moving forwards and thinking: “I’m going to keep going and I know I’ll get to where I need to be.” Of course, it has famously been the force behind the civil rights movement and subsequently many other campaigns.

TRIODOS BANK Deanery Road Bristol BS1 5AS Contact Team: 0330 355 0355 0117 973 9339 contact@triodos.co.uk triodos.co.uk Calls to and from Triodos Bank UK Ltd. may be recorded for training and monitoring purposes.

Disclaimer. By inviting external contributions to the Colour of Money our intention is to challenge, provoke debate, stimulate ideas and engage with issues that concern many of us. The views printed in the Colour of Money are not necessarily those of Triodos Bank.

Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008.

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06 Change and transition

16 Richard Curtis

Flodigarry Hotel

Thrive Renewables

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05 Triodos Bank’s new Dutch office

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