More banks 'should adopt green codes of practice'

Banks should employ greater environmental analysis with their products and offer more ethical choices for their customers, it has been suggested.

According to Stephen Hine, head of responsible investment development at the Ethical Investment Research Service (EIRIS), financial services providers should adopt more environmentally-friendly policies.

He stated that there are more people who are interested in knowing how green their banks are and this could help change the public's perception of them.

The Co-operative bank was used as an example as a financier which has attracted customers by "having their ethical or sustainable stamps".

Mr Hine stated: "It's incumbent on institutions … to adopt more ethical and sustainable investing and lending practices."

The EIRIS recently found that 73 per cent of Brits think banks should have a better ethical code, so that they do not lend to companies that do not adopt green policies.

Research also revealed that 82 per cent of people think that financiers should pay more attention to the environmental risks when investing or lending to organisations.

Posted by Lauren Steadman