Atom bank buys 25 acres of new woodland in Northumberland as it pledges to be climate positive by 2035

As the woodland matures, almost 7,000 tonnes of CO2 will be sequestered by the trees – which include willow, sycamore, birch, alder and rowan.

With current emissions from its operations (excluding financed emissions) measured at between 500 and 700 tonnes per year, the woodland is an important first step for the bank to meet its eco-friendly commitment.

Once an open cast coal mine, within a few years the site next to West Chevington will be a thriving native woodland.

A range of woodland species are already taking advantage of the cover and protection the site offers as the trees establish themselves and emerge from the tree guards that protect them.

Mark Mullen, chief executive of Atom bank, said: “We’ve made this significant investment in an area local to Atom because we recognise the responsibility we have to our planet.

“We could have invested this money in employing more people or launching new products – as to be fair we usually do – but this time we chose trees. In time, these trees should store more CO2 than our company has been responsible for emitting in all the years since we were founded.

“This is an important step as we target becoming climate positive by 2035, which means we will take more carbon out of the atmosphere through our lending and investment choices than we are responsible for emitting.”