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Manage your money

Introducing the app that puts people and the planet first – and rewards you for it
Katie Hill - Editor-in-Chief, My Green Pod
Manage your money with Algbra

This article first appeared in our Earth Day 2023 issue of My Green Pod Magazine, published on 22 April 2023. Click here to subscribe to our digital edition and get each issue delivered straight to your inbox

From food to fast fashion, we’re all wising up to the impact our spending habits have on the planet – which is a big win for the sustainability sector.

But the way we spend our money isn’t the only thing that has consequences for the environment – where we hold it makes a difference, too.

Many of us are unaware that the money in our bank accounts doesn’t sit there idly waiting to be spent; banks actively invest that money to make a profit – often in harmful industries like gambling, tobacco, arms and fossil fuels.

Since the 2015 Paris Agreement, the 60 largest banks have invested over $5.5 trillion into fossil
fuels, flying in the face of society’s climate ambitions and the net zero commitments that have been set by the banks themselves.

While stopping flying, going veggie and switching to renewables all help the planet, changing to a green bank could have a greater impact than all of these efforts combined.

Climate action with a tap

As long as Big Banks continue to put profits before the planet, it won’t be possible to stay beneath the 1.5 degree threshold deemed the point of no return for the climate.

As an alternative, Algbra offers finance services that are designed to put the ethics back into money.

The UK-based finance app has been built from the ground up to be entirely green.

Algbra’s emoney account also comes with an assurance your money will never be invested in any harmful industries, including fossil fuels.

Independent ratings watchdog Bank.Green recommends Algbra as a sustainable bank and has certified its ethical finance app as fossil fuel free.

By creating its tech from scratch, Algbra can make sure it delivers carbon-neutral cloud computing and offer guarantees that your money will never be exposed to unethical industries.

All Algbra’s partners must also sign up to its comprehensive Values and Ethics Policy.

How Algbra works

Algbra is loaded with built-in carbon tracking and offsetting tools; you even get an opportunity to take direct climate action to minimise (or potentially reverse) the carbon footprint caused by your spending, directly from the app.

You can track the carbon impact of each transaction you make, which is key considering 72% of global greenhouse gas (GHG) emissions are caused by consumption.

Emissions you can’t avoid creating can be offset quickly in high-quality
carbon offsetting projects that benefit society as well as the environment.

You can back reforestation projects, help take methane out of the atmosphere and provide local communities with more efficient cooking methods. You can even give something back to your favourite causes by donating in a couple of taps.

These features underline Algbra’s philosophy that ethical finance shouldn’t be a niche solution – it should be the mainstream, without any compromise on quality or features.
‘Only when green banking is the norm can it have the impact at scale that’s needed to address environmental challenges – and social issues, too’, says Marten Möller, Algbra’s ESG lead. ‘To bring ethical finances to the masses, Algbra’s focusing on creating market-leading products, features and services that compete with non-ethical alternatives.’

Rewards for going green

The Algbra card is 100% biodegradable, and on top of that it comes in packaging that is made from a recyclable, biodegradable and compostable by-product of non-virgin sugarcane.

You can earn 1% cashback on your everyday spending – or 1.5% if you use a virtual card (which is even better for the environment).

Algbra has committed to donating 10% of its profits to charity, with an emphasis on causes that empower overlooked communities.

Examples of initiatives Algbra supports include the Chai Mama event, which provides free financial education workshops to women, and the Patchwork Foundation, which helps young people from overlooked communities to get into politics.

To open an Algbra account, all you need to do is download the app, grab a form of official ID (like your driving licence) and get ready to take a quick selfie video. Then you can order a biodegradable card or pick a virtual one to start spending and managing your money ethically, instantly.

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