Online banking funds climate solutions, not fossil fuels » Yale Climate Connections

Reducing climate change will require large investments. Banks can help accelerate the transition from fossil fuels by financing clean energy and efficiency solutions.

Jason MacDuff is President of Greenpennya virtual bank launched by Iowa-based Decorah Bank.

Greenpenny prides itself on being carbon neutral and investing only in climate solutions, ranging from home energy efficiency projects to large renewable energy installations.

“We all want to fund a sustainable future. That’s our mission,” says MacDuff. “And so if that means solar, great. If it is geothermal, we will consider it. If it means wind, we’ll look at it.

For banking customers, Greenpenny offers checking accounts and savings accounts. MacDuff says consumers concerned about climate change can feel good about putting their money in these accounts.

“So at Greenpenny you can know that your deposits will only be used to fund sustainable practices such as renewable energy systems or carbon reduction activities,” he says. “And you can know that they won’t fund the fossil fuel industry or other carbon-emitting things that might not be who you are.”

Thus, the approach allows Greenpenny to attract environmentally conscious customers and earn money while playing a vital role in reducing climate change.

Reporting credit: Stephanie Manuzak/ChavoBart Digital Media

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David A. Albanese