A transparent environmental policy and publicly available results
Through our actions, loans, and partnerships, we contribute to the transition towards a low-carbon economy. We do not finance any projects related to the development or operation of fossil fuel infrastructure. The carbon intensity of Memo Bank’s loans is nearly four times lower than the average of major French banks.
What we do to mitigate our carbon footprint
Additionally, we proactively purchase ‘green’ bonds to support low-carbon companies in their endeavors. Our environmental policy is an open book—a testament to our unwavering commitment
No financing for fossil fuels
Memo Bank proudly upholds a steadfast principle: we do not finance fossil fuels. Our financial support does not extend to projects associated with coal, gas, or oil. In fact, we categorically exclude any project listed by coalexit.org (for coal) and gogel.org (for gas and oil). Our refusal to finance these sectors is a matter of public record.
Embracing green assets
We actively diversify our investments by reinvesting a portion of our deposits with partner banks, diligently monitoring the environmentally responsible use of these funds. Additionally, we proactively purchase ‘green’ bonds to support low-carbon companies in their endeavors.
Enlightening our team
We’ve taken the initiative to educate our team about the urgency of climate change through a dedicated session with La Fresque du Climat. Furthermore, we encourage sustainable practices among our employees, including teleworking, providing reconditioned equipment, and offering vegetarian meal options at our events. In terms of travel, we champion train and public transport alternatives.
Measuring our Impact: striving for excellence
The benchmark index for gauging the environmental impact of banking activities is the carbon footprint of financing per million euros (tonne of CO2e per million euros financed). Memo Bank’s resolute objective is to minimize this index’s value. At 123 tCO2e/M€, Memo Bank is unwaveringly committed to substantially reducing its carbon footprint.
In addition to our own direct emissions (scope 1 and 2), we meticulously measure greenhouse gas emissions stemming from all our activities annually. Given our relatively low direct emissions, the majority arise from our service purchases and financing. To enhance precision, we diligently collect carbon footprints from our partners and customers.
Mobilizing our ecosystem: a bigger vision
Our mission reaches far beyond carbon reduction. We are driven to elevate awareness of global warming among our customers and within the financial market, inspiring collective action.
Empowering customers
Memo Bank clients gain unique insight into the emissions generated by their card purchases. Each expenditure made with a Memo Bank card is assessed for its corresponding emissions, empowering customers to make informed, eco-conscious choices. Our bank’s carbon intensity is transparently displayed on all invoices, contributing to an accurate assessment of their carbon footprint.
Advocating industry change: leading by example
We don’t just want to lead; we want to inspire others to follow. By openly sharing the datasets from our extensive data analysis, we encourage fellow financial institutions to embrace transparency. Additionally, we proudly joined the Partnership for Carbon Accounting Financials (PCAF) in 2023, actively contributing to creating a common framework.
Accelerating decarbonization
As a bank, we stand shoulder to shoulder with Bpifrance and the European Investment Fund (EIF), two influential public entities committed to helping innovative companies embark on the journey of decarbonization and digital transformation. Together, we are shaping a sustainable and eco-friendly future
