Vegan market soars as UK banks ignore net zero

Written by Lori Campbell on 26th Oct 2020

The vegan meat and dairy market in Europe is set to hit £6.8 billion by 2025, as a new report reveals that less than a third of UK banks have net zero targets in place. Meanwhile, Sir David Attenborough warns that Covid-19 is a “threat to the environment”, ethical bank Triodos launches a charity bond to raise £3 million for a pioneering YMCA project, and consumer goods giant Procter and Gamble is to launch refillable shampoo bottles with 60 per cent less plastic. It’s the Good With Money weekly news brief. 

Europe’s vegan meat and dairy market to hit £6.8 billion by 2025

Europe’s vegan meat and dairy market is set to hit €7.5 billion (£6.8 billion) by 2025, according to a new report

The study ‘Growth of meat and dairy alternatives is stirring up the European food industry’ from ING reveals that the meat and dairy alternatives market is seeing “rapid growth” of 10 percent per year.

It says that over the last decade, sales of meat and dairy alternatives have more than doubled in the EU and the UK.

While they still make up a comparatively small segment of their markets – at 0.7 percent of the total meat market and 2.5 percent of the total dairy market – they are predicted to hit 1.3 percent and 4.6 percent respectively by 2025.

The report lays out some of the challenges facing the sector, including high prices, unsatisfactory user experience (such as taste, ingredients, and nutrition), and limited availability in shops and restaurants.


The ‘unstoppable rise’ of veganism


Less than a third of UK banks have net zero targets in place

Less than a third of UK banks have set a net zero target for carbon emissions, a major new report has found.

The banks and building societies were assessed by consulting giant PwC, as part of its latest analysis on climate risk in the financial sector.

PwC analysed 17 Prudential Regulation Authority (PRA) regulated banks and building societies of varying sizes ahead of the 2021 introduction of the Bank of England’s (BoE) new climate risk stress test requirement.

Seven in ten of the banks surveyed said that they have already embedded climate risk considerations in their long-term strategy, with the vast majority confident that they will meet or beat the PRA’s deadline.

However, just five of the businesses have publicly announced net-zero targets or science-based targets which match or exceed the UK’s national long-term climate goals. Included in this list are Barclays and NatWest Group, formerly RBS.

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Covid-19 is a ‘threat to the environment’, warns Sir David Attenborough

Sir David Attenborough has warned that the Covid-19 pandemic is a “threat to the environment” as politicians deal with the crisis instead of climate change.

The naturalist and broadcaster expressed his fears to environmental activist Greta Thunberg at a virtual wildlife film festival in Bristol.

The 94-year-old said Thunberg had given the world hope by energising young people to fight for the environment, while the teenager praised Sir David’s new film A Life On Our Planet.

Sir David said several international climate conferences had been cancelled because of Covid-19.

“I am worried that people will take their eyes off the environmental issue because of the immediate problems they have on Covid-19,” he said.

Speaking from his home in London as part of Wildscreen’s “Planetary Crisis” conversation, he said Thunberg’s campaigning had made other young people demand action to stop climate change.

It comes as a new report from the Natural Capital Committee reveals the UK is failing on its promise to leave nature better for the next generation.


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Ethical bank Triodos launches YMCA charity bond

Triodos Bank is aiming to raise £3 million from investors to support a pioneering project from the YMCA.

The money will be used to complete development of a YMCA community centre in Nottinghamshire, which aims to provide accessible educational, health, and leisure services for people of all ages.

Investors are being offered annual interest of six per cent for six years on the Innovative Finance ISA-eligible product.

The facility will bring together world-class sporting facilities and life-changing family and youth development programmes in one purpose-built building and site in the centre of the district.

The first £4 million phase of the Newark and Sherwood Community and Activity Village – the provision of 3G football pitches, athletics track and multi-use games areas – is already complete.


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P&G to launch refillable shampoo bottles in 2021

Consumer goods giant Procter & Gamble (P&G) is to launch bottle refills – which use 60 per cent less plastic – across several of its most popular shampoo lines in Europe next year.

Customers will be encouraged to purchase a reusable aluminium bottle, which they can refill from new pouches. The pouches consist of a flexible plastic packet with a rigid plastic neck.

P&G has calculated that the refill pouches use 60 per cent less plastic per millilitre of product than traditional shampoo bottles. It claims that they can be recycled from kerbside collections in all European countries bar Belgium, Ireland and Switzerland, which do not have the appropriate recycling infrastructure.

Products from Head & Shoulder, Pantene, Herbal Essences and Aussie will be available in the new refillable format from early 2021. P&G plans to launch the format in every European market it is currently selling into. Its beauty arm is notably aiming to halve the amount of virgin plastic used to house shampoos and conditioners by the end of 2021.