Tandem research shows UK consumer’s sustainability action slows for the fourth consecutive month
Tandem, the UK’s greener digital bank, has today published the latest edition of its Green Gap monthly tracker, charting the gap between UK consumers’ sustainable living intentions and their actual actions throughout May. The bank’s green tracker has revealed a continued deceleration among UK consumers in spending on greener living solutions as their day-to-day priorities turn to more immediate cost pressures.
Although the tracker shows a continued increase in green actions overall (up 0.7 points to 110.3 points in April), the pace of progress has waned for the fourth consecutive month. This slowdown has widened the projected green gap by October 2024 to 25.2 points, deteriorating by 5.4 points since January. Bridging this gap by October will require an improvement of 5.2 points per month, a heavy lift for many consumers.
Commenting on May’s Green Gap tracker, Alex Mollart, CEO of Tandem Bank, said:
“Cost remains the number one obstacle preventing consumers from making sustainable lifestyle changes. We know consumers want to take action to fight climate change, but they are struggling to pay their energy bills as it is. This is why our latest Green Gap research is showing a slowing pace of change.
That’s why we’re backing calls from Ofgem chief, Mark McAllister, to expand targeted support available to consumers struggling to pay their energy bills. With a general election on the horizon, now is the time for political parties to make clear how they plan to support consumers across a whole range of green living options, from EVs to heat pumps.
“Tandem continues to urge the Government for more collaboration to develop a detailed and actionable plan that will help consumers make greener, better choices for themselves and drive real change in the UK.”
The tracker does highlight some positive developments in the climate landscape. The UK’s EV charging infrastructure has grown by 49% since April last year, reducing ‘range anxiety’ – a major barrier to the EV transition. The UK’s greenhouse gas emissions have also fallen by 1.8% compared to Q4 2022.
However, Tandem’s annual Green Gap survey reveals that cost, a lack of education and broader awareness remain significant roadblocks to the UK’s overall green transition, which become more pronounced when taking into account the lack of governmental support.
As the UK’s greener digital bank, Tandem is on a mission to highlight the scale of the challenge for UK consumers to fight climate change and offer support and expertise to help them on their journey to a greener lifestyle.
Benefiting customers’ pockets and the planet, Tandem offers greener ways to save, borrow, spend and share. From low emission motor loans, to lending for greener home improvements, to EPC discount mortgages and green savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon footprints.
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