Banking on Your Values
Banking on Your Values -
The world's largest banks are currently funding new fossil fuel development and resource exploitation at an alarming rate. Indeed, the 60 biggest banks globally committed $705 Billion USD to companies conducting business in fossil fuels in 2023, bringing the total since the Paris agreement to $6.9 T.
While there is much that we can't control, we do have a say in which banks we use. As with sustainable responsible investing (SRI), banking in alignment with our values allows us to put our money to work to work in alignment with our values, and the good news is that we have increasing choices in this regard.
Below are just a few to get things started.
Global Alliance for Banking on Values (GABV)
Finance at the service of people and the planet. Our collective goal is to change the banking system so that it is more transparent, supports economic, social and environmental sustainability, and is composed of a diverse range of banking institutions serving the real economy.
The Global Alliance for Banking on Values (GABV) expands and strengthens the practice of values-based banking. It leads the way for a fairer financial system that promotes social justice, responds to the planetary emergency, and delivers lasting prosperity and wellbeing to all people. We take a leading role in the debate about how to build a sustainable financial future, building on our practical experience operating as values-based banks.
Bank Green is a great resource for tracking banks part of the Fossil Free Alliance. Bank Green is a group of volunteers united by the belief that our banks must change – quickly. People across the world are working on solutions to the planet’s environmental problems, while their personal money is quietly being poured into industries that damage the environment. They believe that the banking industry is not being significantly challenged by its customers, but that if it were, banks would begin to divest from the projects that are harming us.
If you're looking for a local option, Clearwater Credit Union in Missoula, MT is a member of the GABV.
For every action, there is a reaction. How we do business has repercussions for our members, our economy, and our planet. We care about our community. That is why Clearwater Credit Union is committed to making environmentally conscientious choices. From recycled paper, a reduction in water use, to how our employees commute – we’ve taken a hard, objective look at our internal practices. We know what our opportunities for improvement are and we’re committed to exceeding them. That is our promise to you.
Climate First Bank (CFB)
The world's first FDIC insured community bank founded to combat the climate crisis. At Climate First Bank our vision is to reimagine finance as a force for good and become the most impactful bank contributing to the drawdown of atmospheric CO2. Climate First Bank is a full-service community bank offering personal and commercial banking services with a focus on environmental sustainability.
As of June 4, 2024, CFB is offering a full suite of banking products and services to customers nationwide.