Monzo is phasing out office water coolers in the fight for zero net income

Monzo founder Tom Blomfield, who left the bank in 2021. Photo: Jeff Pugh

Given that the company does not have a branch network, its its carbon footprint is already lower than that of competing major lenders.

The vast majority of its carbon footprint comes from so-called «third-sector» emissions, which are created by suppliers providing goods and services, customers using its application. and employees who travel to work.

Monzo also offsets business travel emissions through a company that calculates employee commuting emissions and automatically purchases equivalent carbon offsets.

A spokesperson for Monzo said: “As one of the fastest growing banks in the UK and one of the banks with lower greenhouse gas emissions than the big banks, we continue to prioritize achieving zero emissions. On such an important issue, there is no effort too little or too much that we should not make.”

Other ways companies are seeking to reduce their carbon footprint include downsizing Aldi's supermarket chain. he turned on the lights in all his supermarkets.

This is as regulators increasingly urge businesses to do more to reduce carbon emissions.

In May, Bank of England Governor Andrew Bailey said that there is «no excuse» for failing to address climate change.

He said: “Unlike pandemics and wars, which are terrible and the events we have to face, climate change is, I'm afraid, very predictable. Such is the reality. And so there is no excuse that we have not been able to solve this problem.”

Mr Bailey added that the private sector has a key role to play in addressing climate change. He said: «The big problem that we and the world economy are facing is that the core economic growth rates in many countries, especially in industrialized countries, have fallen — this is true here too.»

Monzo was also among the first lenders to introduce a tool to allow customers to block any payments to betting companies in order to prevent gambling problems.

The company said it blocked more than 350,000 gaming transactions last year, saying it will «continue to work untiringly.» to make sure our tool provides the best protection for our community.»