Renewable energy company Thrive Renewables has become the third responsible business to be awarded a Good Egg mark from Good With Money.
Thrive Renewables develops, constructs and operates small to medium scale renewable energy projects, then offers accessible opportunities to directly invest in these clean energy projects. The company has more than 6,300 UK investors and more than 90MW of renewable generation capacity under management. It was awarded a Good Egg for its renewable generation capacity and CO2e avoidance impacts, as well as its community engagement.
The mark, launched in May 2017, is designed to make it easier for people to find financial providers that have a positive impact on the environment and society, as well as offering a good deal financially.
The Good Egg, which firms can receive after passing an assessment by a specialist consultancy and a panel of experts, has already been awarded to two other financial firms demonstrating a positive impact: Abundance Investment and EQ Investors.
More than ever, people want to do their bit to combat climate change, social inequality and unethical business practices
Becky O’Connor, co-founder of Good With Money
All Good Egg advisory panellists commended Thrive for its positive impacts, describing Thrive as a “pioneer”.
Good With Money worked with the UK Sustainable Investment and Finance Association (UKSIF) to develop the Good Egg mark, following research which revealed 63 per cent of UK consumers wanted a label to identify ethical or sustainable financial products, and 43 per cent said it would make them more likely to buy a financial product, rising to 53 per cent of 18-24 yr olds. Additionally, 60 per cent of UK consumers believe the financial sector can make high returns while investing responsibly.
Financial services companies can apply to become Good Eggs. Once an application has been received, Ethical Screening, the research consultancy, produces a report on each provider applying for the mark. The purpose is to determine how well a provider measures up against a range of different environmental, social, customer service and industry impact factors. The analysis takes into account the size and history of the firm, as well as its performance.
This report is then assessed by the Good Egg advisory panel, which includes Anna Laycock, executive director of the Finance Innovation Lab, Fionn Travers Smith, former project manager for Move Your Money, John Fleetwood, managing director of 3D Investing, and Michael Fotis, founder of Smart Money People.
Rebecca O’Connor, co-founder and editor of Good With Money, said: “More than ever, people want to do their bit to combat climate change, social inequality and unethical business practices. A Good Egg is a mark that can only be used by companies like Thrive Renewables that are able to prove they make a positive impact, not just by improving the lives of customers, but by benefiting society and the environment, too.
“Look for a Good Egg if you want to have a savings account, insurance policy, investment fund or mortgage from companies that do the right thing.”
Matthew Clayton, managing director at Thrive Renewables, said: “It is great to have a stamp of approval from such a broad church of professionals. We were really pleased with the feedback we received during the process.”
Research conducted by Opinium for Good With Money found that 36 per cent of people said they would be likely to choose a financial provider holding the Good Egg mark. Twenty-five per cent of those surveyed thought the mark demonstrated that the provider holding would be ‘a responsible company’, 24 per cent thought it would be ‘a company I can trust,’ and 22 per cent thought it would be ‘a fair company.’