Innovation That Matters

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Making it easy to switch to a fossil-free bank

Financial Services

A platform helps customers move to institutions that match their values and desired services

Spotted: The 2023 “Banking on Climate Chaos” report found that in the seven years since the Paris Agreement was adopted, the world’s 60 largest private banks provided $5.5 trillion (around €5.1 trillion) of financing to fossil fuel companies. Four of the five banks that gave the most money to fossil fuels are based in the United States, with the fifth on the list based in Canada.

Bank for Good is asking individuals to band together to force those institutions to make changes. Until a bank commits to eliminating any business transactions with coal, oil, and natural gas companies, Bank for Good encourages people to switch to one of the many other financial institutions that are finding ways to do business in an environmentally responsible way.

Bank for Good has vetted 100 institutions for their commitment to remaining fossil fuel-free. It also assesses the ease of providing services remotely, economic, social, and environmental certifications, and whether or not the bank is minority-owned or led. Potential customers who are interested in switching to a new bank or credit card can use the online search tool to find the services and institutions that match their preferences, whether that be location, service features, or type of business.

Bank for Good provides a how-to guide for switching accounts as well as an online resource library on the connections between environmental, social, and racial justice. A US-based philanthropic foundation funds the organisation, and none of the financial institutions listed on the site pay for inclusion.

Helping the unbanked and underserved communities access financial services is a challenge that innovations in Springwise’s library are helping to meet through micro-loans based on crop outputs for smallholder farmers and banking guides for neurodivergent individuals.

Written By: Keely Khoury

Website: bankforgood.org

Contact: bankforgood.org/contact

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