Green-Got: the financial service for low-carbon travellers

Written by Sophie Renassia

Published yesterday

If you've been following our media, you've probably been interested in train travel for ecological reasons (before discovering how much the experience itself was worth!). Chances are, you've already made several decisions to align your lifestyle with your convictions: mobility, food, consumption... But did you know that your money often sabotages these efforts, in spite of yourself? In traditional banks, your money doesn't sleep. All too often, it pollutes. How does it pollute? By financing industries to which you have not given your consent: oil and coal industries, intensive agriculture, large-scale polluting projects...

How about putting your savings to work for the ecological transition? That's what Green-Got is proposing, a financial institution whose mission is to transform the banking sector from the inside (no less)! Maud Caillaux, one of its co-founders, talked about it on our podcast Je t’offre un rail ?. And with good reason: not only does deciding where to put your savings allows you - as with train travel - to considerably reduce your carbon footprint, but Green-Got is also the low-carbon travel finance service par excellence! We'll tell you all about it.

Green finance: illusion or revolution?

The problem with traditional banks

“We've got this idea that our money sleeps in a cellar when we take it to the bank”, Maud Caillaux tells Benjamin. This vision is false. Money deposited in banks does not sleep: it is invested, massively, in industries that have a very heavy environmental impact. In France, the major banks are still heavily financing oil, gas and coal extraction, despite their “carbon neutrality” commitments. According to Reclaim Finance, French banks injected over 350 billion euros into fossil fuels between 2016 and 2022.

So why are we so unaware of the impact of our banks (and therefore our money)? There are many obstacles to enlightened information:

• Lack of transparency: major financial institutions communicate very little about the destination of funds deposited by their customers.
• Resistance to change: traditional banking structures are rooted in short-term profitability, which takes precedence over climate issues. Changing this model would require an in-depth rethink of investment strategies, and a redirection of these financial flows towards sectors more compatible with planetary limits...
• Lobbying: banks also exert considerable political influence to slow down the introduction of regulations on the financing of polluting industries.
• Greenwashing: not to mention the “ecological” products launched by certain banks to distract attention from their investments in fossil fuels.

Our money: an impact lever as important as it is little-known?

Faced with the scale of the ecological crisis, changing bank may seem anecdotal. Yet moving your money to eco-responsible financial institutions is an incredible means of action.

”5,000 euros deposited in a traditional bank emit an average of 2 tonnes of CO2 per year.” - Maud Caillaux

Just like choosing the train for your travels, placing your money in an account that finances the transition can make a real difference. As with train travel, it's an individual action requiring relatively little effort, but whose effects can be decisive (both for your carbon footprint and for the signal sent to an entire industry). And the good thing is that you can then take concrete action for the climate on a daily basis, without even thinking about it.

Faced with the behemoths of traditional finance, green finance has to prove its economic viability. “When we launched Green-Got, the whole industry laughed in our faces”, recalls Maud. But the tide is turning, and societal pressure is now pushing the big banks to adapt (some are starting to withdraw their investments from fossil fuels). “Green investment isn't philanthropy, it's investing in the companies of tomorrow”, explains Maud. Companies with a low carbon footprint represent real economic opportunities, particularly in transport, renewable energy and sustainable agriculture!

Green finance is therefore a real lever for transformation, even if it still needs to be accompanied by regulatory change and ongoing pressure from the public. For it is by massively redirecting capital that a more viable world can emerge.

Green-Got: the ideal service for low-carbon travelers

A financial institution at the service of the ecological transition

To transform the financial sector, Green-Got excludes polluting sectors such as fossil fuels in favor of low-carbon solutions, sustainable infrastructures and ecological innovations. Its investments focus on companies committed to the ecological transition: “We have already invested over 45 million euros in companies such as SNCF, East Japan Railway and Alstom”, explains Maud. By promoting investments in railways, renewable energies and sustainable agriculture, Green-Got is focusing on sectors that are both economically reliable and promising.

Green-Got is committed to ensuring that its customers' money never finances fossil fuel industries. Only 0.4% of all the investments analyzed were selected by their experts because they passed the financial and impact criteria! Part of the monthly subscriptions and interchange fees are also used to finance sustainable projects (supported by associations and international organizations).

In practical terms, Green-Got offers :

• life insurance that grows your savings while doing you good too,
• accounts (current, joint, pro...) that simplify the management of your day-to-day finances (with unlimited sub-accounts and piggy banks),
• a Premium account (sign up here: 3 months free with the code “HOURRAIL”) with exclusive insurance and lots of advantages on your favorite brands (GreenGo, SNCF Connect, Freeletics, La Fourche, Climbing District...)!

By making green finance desirable and accessible, Green-Got hopes to broaden its audience beyond those convinced of the urgency of climate change. The fintech is therefore banking on a pragmatic approach, offering competitive banking services while guaranteeing responsible use of funds. “Our premium card offers more assurances than a Gold card, while guaranteeing a positive impact,” emphasizes Maud.

A (truly) transparent service

In practice, Green-Got enables its users to see where their money is invested with complete transparency. The mobile application lets you track the carbon footprint of your spending and your actual contribution to the projects supported.

One question remains: how can we be sure that these investments really fund low-carbon projects? “Money is fungible”, admits Maud. It's impossible to guarantee that every euro invested in the SNCF specifically funds rail development rather than more polluting activities like Keolis' road transport.

That's why Green-Got implements strict selection criteria and relies on experts in sustainable finance to validate its investment choices. “We have an independent scientific committee that evaluates the real impact of our investments and helps us exclude companies that don't meet our criteria”, explains Maud.

Benefits for low-carbon travellers

And what about travel? If Green-Got is one of our partners, it's not just because the project allows you to reduce your carbon footprint. Green-Got is the financial service par excellence for low-carbon travel:

• 0% charges abroad (a great way to optimize your travel budget!)
• SNCF Connect cashback (Premium card): 2% of your train tickets refunded when you book via SNCF Connect
• Discounts on GreenGo accommodation (Premium card)
• Insurance (Premium card): repatriation and medical care abroad, luggage, transport delays...

To find out more about Green-Got, go here. And to get 3 months free with the code “HOURRAIL”, go here!