The Art of Green Finance

Conscientious consumerism may at first appear to be an oxymoron as the term consumerism invokes negative thoughts of buying unnecessary luxuries. However, in this context, we are simply talking about making day-to-day purchases in line with one’s own ethical principles.

There are two main ways of being a more concientious consumer; by avoiding buying from companies with poor environmental, social or governance track records, or by obtaining necessary items in the most ethical way possible. However, when the budget is tight, it is important to do this without paying extra i.e. without paying a green premium.

Avoiding the most polluting companies.

From the perspective of the climate crisis, the most polluting companies in the world are oil and gas companies. In reality, when on a tight budget, the investment required to fully electrify day-to-day living (for example, by installing a heat pump or buying an electric vehicle) is likely to be out of reach. Therefore, the most practical way to avoid supporting oil and gas companies is to aim to travel as much as possible on foot or by bike. After this, reducing energy use without spending a huge amount of money is the next best move. Read more in Energy saving measures with the fastest payback time.

After fossil fuel companies, the next most polluting industry is agriculture. The most important way of reducing carbon emissions from agriculture is by eating less meat and consuming less dairy. As meat is relatively expensive, swapping out meat for beans, pulses or mushrooms is a win in terms of carbon footprint, finances and health. Lots of British favourite meals can be easily adapted. For example, try swapping half the meat for lentils to make a bolognese sauce or lasagne filling. If you like it, you could try the vegetarian version next time round. Other simple swaps are dhal instead of chicken curry, mushroom bourguignon & mash instead of bangers & mash and veggie cottage pie, veggie chili or veggie faijitas instead of the meat containing versions. You can also save money by swapping to plant based milk if you make the milk yourself. This oat milk recipe is incredibly easy and works well for making porridge.

The third most polluting industry in terms of the climate crisis is, somewhat surprisingly (to me at least), fashion. To combat this, consider adopting a personal daily uniform or at least a minimalist wardrobe made up of classic items that can be mixed and matched and worn for years, learn how to keep clothes looking new and learn basic clothes repairs.

When considering plastic pollution, Surfers against Sewage’s 2023 citizen science plastic pollution brand audit provides some good insights. Waste picked up by volunteers on beaches, rivers, countryside and urban areas included cigarette butts and vaping items, wet wipes, crisp and sweet wrappers, plastic bottles and lids. So, quit smoking or vaping to save money, avoid plastic waste and improve health (this book is highly recommended by a friend who quit smoking 10 years ago). Swap crips and sweets for fruit or veg for more savings and health benefits (use the 80-20 rule or reward yourself to make this more palatable). If you use wet wipes, these can be easily substituted for flannels and a spray bottle containing water plus a couple of drops of essential oils such as witch hazel or calendula if desired. Don’t buy fizzy drinks or fast foods (yet more savings and health benefits); Coca-cola, Pepsi and McDonalds fared particularly badly in this audit.

Avoiding companies with a poor social or governance track record.

This is a challenging task as it takes a lot of research to avoid the worst companies. However, a lot of the companies mentioned in the most polluting section (above) also get an honoury mention here; a double reason to avoid!

Should you wish to look into corporate responsibility/ irresponsibility a little more, I’ve listed some resources below. But, beware, this could turn out to be a more time consuming task than expected; there are lots of non-benign companies out there!

Resources:

1. Ethical consumer are a Manchester based co-operative that produce online guides of most and least ethical companies to buy products from. They also produce a magazine. Unfortunately, lots of their online guides are hidden behind a paywall (they are a not-for-profit organisation but need to pay staff for researching companies and producing their various guides). However, some content is free including this list of unethical companies, as voted by their readership.
2. Corpwatch is a US based group that aims to hold companies to account. They have a searchable list of companies with questionable ethical policies that can be filtered by country or industry.

How to shop ethically without blowing your budget.

Unfortunately, a lot of eco-friendly or green goods are more expensive than their less eco-friendly counterparts (the green premium aka greenium). Despite this, there are a few ways to acquire items that work well with green or ethical prinicples and that won’t completely blow your budget. For example…

1. Use what you already have. Can you repair or mend an item you already have (YouTube has a mending hack for almost every item or see if your local climate action group has a repair cafe)? Can you repurpose something you already own? Can you up-cycle an item?
2. Use what other people already have. Family and friends are good sources of second hand items, for example, for second-hand children’s clothes. Older generations that are downsizing may have furniture that can be re-used or upcycled. As belongings tend to accumulate with time, older generations may also have doubles of some items that can be passed down. For those with school age children, some schools have a second hand uniform service and school based WhatsApp groups can be a valuable source of second hand goods…our TV for example. If you are looking for a specific item, try Freecycle.org.
3. Borrow items. This is particularly good for occassional use items that you can borrow from family or friends. Also check if your local climate action group or local library has a library of things.
4. Shop second hand. If you can’t repair an item or find an alternative, consider buying second hand. Personally, I am not a fan of surfing eBay but fortunately my partner has the patience for this task. Our kitchen hob cost less than 10 pounds when purchased via eBay 4 years ago and is still going strong. Our oven cost a similar amount. The in-oven light has never worked but the oven has functioned well enough for all of our cooking needs for the past 4 years including lots of cake and bread baking.
5. Buy quality items that will last. This can be tricky if your budget is really tight, but can pay dividends in the long run. For example, my partner had a Patagonia gilet that served him well for 15 years. When the zipper broke, he sent it to Patagonia for a free repair (just needed to pay for postage) along with two other items. The 3 items were returned quickly and fully repaired and the gilet should last quite a few more years yet. Well worth the initial investment.
6. Buy items that can be easily repaired. Repairable shoes for example.
7. Shop sales. This can be a good way of getting one of those high quality items from an ethical brand but may require some patience.

You might also like other articles in our “struggling” category including How to create a realistic budget and Zero waste swaps that can save you money.