Our thinking

I wouldn’t bank on it

3 March, 2023

Despite most banks proudly boasting about their net-zero commitments and sustainability ambitions, over the past six years, the top 60 private sector banks have funneled $4.6 trillion into fossil fuels. That means that while you might have made substantial efforts to reduce your own carbon footprint at home, if your money is sitting in a bank, chances are it’s being used to fund fossil fuel production and extraction projects, driving us further into the climate crisis.  

Looking to shine light on this, a group of volunteers have founded Bank.Green, a platform that works to increase transparency around the fossil-financing practices of different banks, while pointing you in the direction of some more sustainable options. A quick search of your bank reveals its global or continental ranking in fossil fuel-financing and shows the (often jaw-dropping) amount of money that they’ve loaned or invested in fossil fuel extraction infrastructure since the Paris Agreement six years ago.  

The platform also provides a list of financial institutions that offer sustainable banking services, including those that have gained a Fossil-Free Certification, meaning they’ve publicly stated that they will not make investments or loans which aid the expansion of fossil fuel related investments. With information on how to change banks and a nudge to send an email or physically visit your bank to express dissatisfaction with their practice, Bank.Green rallies its users to seize what power they have to push for change. It even lets you pledge your commitment to change if now isn’t the most convenient time.  

If you’re thinking about switching banks, or are curious about where your money is landing, go and check out Bank.Green, although we can’t promise you’ll like what you see.  

By Rosie Serlin