Atom Bank, the UK’s first app-only bank, has taken a bold step toward sustainability by purchasing 25 acres of newly planted woodland in Northumberland. This initiative aligns with its commitment to become climate positive by 2035, making it the first UK bank to pledge such a goal. The woodland, previously an open-cast coal mine, will transform into a thriving native forest, sequestering nearly 7,000 tonnes of CO2 as it matures.
Mark Mullen, CEO of Atom Bank, explained, “We recognize the responsibility we have to our planet. This investment reflects our mission to do more than just offset emissions—it’s about reversing our impact and building a sustainable future.”
A new model for climate-positive banking
Atom’s innovative strategy includes owning the woodland outright, allowing it to directly control the carbon credits generated as the trees grow. This approach ensures efficiency and accountability, leveraging the bank’s risk capital to create a lasting environmental impact. Beyond operational emissions, Atom is addressing financed emissions from its lending portfolio, committing to reducing the carbon intensity of its loans and exploring natural capital projects to enhance biodiversity.
Ed Twiddy, Director of ESG at Atom, stated, “Owning this woodland demonstrates how banks can leverage their models to benefit the planet while maintaining commercial success.” Atom is also investigating opportunities to create biodiversity net gain credits, supporting housing development while restoring nature-rich habitats.
Measuring impact and driving change
As a member of Bankers for Net Zero, Atom reports its environmental impact annually, with a 2.2% reduction in operational emissions recorded last year. The bank will soon disclose financed emissions, setting a transparent path toward its climate-positive goal. Atom’s actions exemplify how financial institutions can lead in tackling climate change while fostering business growth.
