The values-based community bank’s ESG reporting proves its continued commitment to the environment and community

Climate First Bank, a full-service FDIC-insured commercial bank focused on environmental sustainability, today releases its first Annual Impact Report. The report highlights the bank’s Environmental, Social and Governance (ESG) initiatives and their measured impact on the climate, community and economy. Believing in continuous improvement and accountability, the bank will continue to measure, document and publish its performance year over year. The report, which tracks efforts from June to December 2021, is available in its entirety here.

“We are changing finance to finance change, putting the environment at the center of every action and decision and are well on our way to making a real, positive difference for our community and planet,” said Climate First Bank Founder and CEO Ken LaRoe. “With the support of our employees, customers and investors, we’ve gotten further in our impact reporting in seven months than most banks get to in seven years.”

See related article: Climate First Bank Celebrates One Year of Operation

Highlights from the 2021 Impact Report include:

• Solar Power – Climate First Bank financed 2,578.48 kW of renewable energy, which is approximately 36,187.75 tons of CO2 emissions avoided over 25 years. The emissions saved are equal to 7,797 gasoline-powered passenger vehicles driven over one year. Climate First Bank will continue to make solar power accessible to everyone, with its easy and transparent financing – complete with low-interest rates, no dealer fees and longer terms.
• Climate First Foundation – The charitable arm of Climate First Bank, the nonprofit foundation, gave $19,735 to nonprofit organizations, of which $8,035 went to environmental causes. In 2022, it plans to focus not just solely on environmental projects but also devote giving to social and governance areas.
• Mission-Aligned Loans – Leveraging its customers’ deposits, Climate First Bank has funded roughly $12 million in loans in 2021 aimed toward businesses focused on mission-aligned sectors, incorporating good business practices and aligning their entity structures for the common good. None of Climate First Bank’s loans went towards financing fossil fuels or other environmentally harmful industries.
• First Transition Loan – Committed to helping clients transition to low-carbon operations, Climate First Bank financed the construction of a new gas station on the condition that a dual EV charging station and a 20kW PV solar system be installed. Per year, this sustainable enhancement saves the gas station an estimated $2,200 in energy costs and the reduction of 1,595 tons of CO2 emissions.
• Diversity By the Numbers – 50% of managers at the bank are women and 25% of managers identify with an underrepresented population. 33% of the Board of Directors are women and 17% of the board identifies with an underrepresented population. 61% of staff are women and 22% of staff identify with an underrepresented population.
• Guiding Frameworks – As a sustainability conscious financial institution, Climate First Bank became a member of: UN Convened Net-Zero Banking Alliance, Carbon Accounting Financials and Bank, Fossil Free Certified by Bank.Green, B Corporation and 1% For the Planet.

Source: Climate First Bank