Climate-Safe Banking

The Palisadian-Post has partnered with locally founded environmental organization Resilient Palisades to deliver a weekly “green tip” to our readers. This week’s tip was written by Kaya Foster, who leads Resilient Palisades’ Green Banking team.

Is your green GREEN? It might be time to switch to a climate-safe bank.

Most people know that burning fossil fuels (coal, oil, natural gas) contribute significantly to climate change and pollution. However, many may not be aware that while striving to make greener choices in their day-to-day lives, their bank is using their hard-earned money to fund fossil fuel projects to the tune of trillions of dollars. In fact, if U.S. financial institutions were a nation, that nation would be the fifth largest emitter on Earth, according to the Center for American Progress.

If you’re still reading, there are undoubtedly questions running through your mind: Are there green financial institutions that can meet my banking needs? How do I know if a bank is just “greenwashing” (falsely advertising as eco-friendly)? Is it difficult to switch?

Here are three easy actions you can take to answer these questions.

Learn more about your current bank. Go to resilientpalisades.org/green-banking and take the Banking Climate Impact Snapshot. This two-minute quiz will show you what your current bank is funding and how it compares to other financial institutions.

Explore climate-safe alternatives. Visit bankforgood.org/search to search through a vetted list of climate-safe banks and credit unions (no greenwashing allowed). All financial institutions on the website are also FDIC insured.

Make an impact. Will changing your bank make a difference? The answer is yes—because you’re not alone. Thousands of Americans have pledged to switch banks and will make their voices heard in the streets on March 21 for National Banking Day of Action. Together, we’re bringing national attention to this issue and pressuring financial institutions to change their ways.

Resilient Palisades will host an informational Zoom meeting on February 15 at 6 p.m. Visit resilientpalisades.org/green-banking to sign up.