Skip to main content

‘Climate First Bank’ to be launched, based on Project Drawdown

by Joy Green, Apr 1
2 minutes read

‘Climate First Bank’ is a community bank launching in Tampa later this year, based explicitly on Project Drawdown‘s plan to reverse climate change. By this they mean “Every decision and action we make will be analyzed through the lens of achieving drawdown. Climate First Bank (I/O) will change finance to finance change.” In practice it sounds like they will start off by offering dedicated loan options for solar power, energy retrofits and infrastructure.

person holding fan of U.S. dollars banknote

So what

The mainstream banking sector continues to finance climate breakdown: financing for fossil fuel projects has now rebounded to higher than 2016 levels, and financing for deforestation remains strong. It is clearly essential that an alternative approach to banking swiftly emerges. Climate First Bank’s strong framing on climate action is a much needed challenge to the sector. It joins other pioneers such as ‘Aspiration’, an online bank that targets the customers of mainstream banks, by pointing out the destructive projects that those institutions finance with the money of their account holders. Aspiration estimates that every dollar switched from a big bank to a fossil-fuel-free bank such as Aspiration  or Climate First prevents around 2.5kg of carbon emissions, and brings the broader divestment movement closer to a tipping point.

Sources

Details

by Joy Green Spotted 29 signals

Joy is a Principal Futurist at Forum for the Future.

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • 2
  • Share

Join discussion

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>