More money spent on being green during recession, says bank

Friday, December 11th 2009

Figures from The Co-operative Bank have found that UK households are increasing expenditure on environmentally friendly products.

The research was published on December 11th and noted an average of £251 being spent annually per UK household on green items, despite the recession.

More than £6,400 million is now spent on environmentally friendly products and services - which include green energy, carbon offsetting and energy efficient appliances, the bank says.

As the research was published, world leaders were meeting in Copenhagen to agree on a climate change deal.

Tim Franklin, chief operating officer at the bank, said: "This report acts as a timely reminder to political leaders that many people in the UK are working hard to adopt a greener lifestyle."

But the amount spent on environmental products still only makes up one per cent of total household expenditure, which is over £6 billion each year, he added.

Government intervention would lead to more ethical consumers and a "raft of new ideas" is needed to do this, Mr Franklin advised.

At climate change conference held in 2008, world leaders agreed on the Adaptation Fund which aimed to "support concrete adaptation measure in the lease developed countries", according to the Danish government.