GLOBAL—Today, sustainable banking campaign group Bank.Green is announcing its latest initiative, the Fossil Free Banking Alliance. This alliance will help climate-conscious individuals to more easily move their money away from banks that finance the fossil fuel industry.
The initiative represents a growing group of financial institutions from around the world that do not - and will not - finance fossil fuel companies or projects. Before the Fossil Free Banking Alliance, there was no easy way to establish which retail banks refuse to finance fossil fuels. Now, Bank.Green has established a free, independent verification process, which any bank can embark upon. Successful applicants become Fossil Free Certified and join the alliance.
Bank.Green has been guiding money out of fossil fuels since April 2021. Via its bank-checking tool, advocacy campaigns, and online resources, it highlights the continuing use of our money by banks to enable the heating of Earth to catastrophic levels. But Bank.Green is about generating practical solutions, not just presenting the problems.
Members of the alliance join a like-minded finance community, which will catalyze the global movement towards a sustainable and humane financial sector. Furthermore, Fossil Free Certification helps banks to proudly broadcast their values and increase visibility to climate-conscious customers, job-hunters, and data-driven consumer platforms.
The Fossil Free Banking Alliance currently comprises eight banks: Ando, Beneficial State Bank, Clean Energy Credit Union, Climate First Bank, Green Dot, Helios, Self-Help Credit Union, and Virginia Community Capital.
“For too long, traditional banks funneled trillions of dollars into the fossil fuel industry without sharing that information with their customers”, says Ando’s CEO, J.P. McNeill. “We encourage others in the industry to do the right thing and join us in being proudly Fossil Free Certified.”
“There are a lot of fossil-free banks out there that don’t have a way of shouting about it yet”, adds Zak Gottlieb, director and co-founder of Bank.Green. “Fossil Free Certification is the simplest way to signal to customers, professionals in the banking sector, and the general public that a sustainability-conscious financial institution is putting its money where its mouth is.”
Read more about the Fossil Free Banking Alliance at bank.green/certification.
Bank.Green is a not-for-profit that aims to educate the public on the environmental destruction funded by the banking industry, while fostering an empowered community to take action. As well as their online bank-switching tool, they are building an alliance of fossil-free banking institutions with their “fossil-free” certification scheme, making it easier for consumers to identify and switch to sustainable banks.