The hidden culprit of corporate emissions? Banking.

Where your money sleeps matters. Businesses are moving in the right direction with environmental transparency reports, but when it comes to banking strategies, their impact statistics are often left behind.

So, how is a business responsible for so many emissions?

Just like individuals, businesses keep their money in a bank. As the money sits, banks finance and invest it in construction, energy developments, loans and more. Though a bank’s money can (and should) be used to finance projects that better people and planet, an exponential amount is being used toward the fossil fuel industry. The 60 largest banks have invested $4.6 trillion in the industry since 2015, according to the 2022 Banking on Climate Chaos report. With little being done to stop banks’ momentum, change seems to be held in the hands of business owners.

The good news? Hope is not lost. Businesses stand at a pivotal and highly effective place to make an impact with their money. It all comes down to understanding your current impact and divesting from a bank that causes harm. Below are four banks 1% for the Planet recommends when it comes to aligning values with a new banking partner:

1. Atmos Financial

1% for the Planet member Atmos Financial is a digital banking company designed to democratize climate action and finance the transition to a global clean economy.

“Atmos Financial stands apart as a climate positive banking partner. They combine a commitment to creating a banking option for individuals and businesses that is truly climate positive, with an incredible technology platform. As a client, you definitely feel the lift of the values alignment and the delightful interface. Atmos has been a 1% for the Planet member for several years - they are a high integrity partner always pushing for that next level of excellence. Couldn’t be more grateful to be an individual and business client, and I’m excited about the path forward with Atmos!” - Kate Williams, CEO 1% For the Planet

2. Amalgamated Bank

Amalgamated Bank supports sustainable organizations, progressive causes and social justice through their finances. Amalgamated Bank is 1% for the Planet’s banking partner—allowing us to manage our finances with people and planet in mind.

3. Climate First Bank

Another member in the 1% for the Planet network, Climate First Bank aims to reimagine finance as a force for good and become the most impactful bank contributing to the drawdown of carbon emissions.

4. Aspiration

Aspiration knows money is power—and that individuals and businesses have the opportunity to invest in our planet. As a 1% for the Planet member, they also tie their business strategy in with benefitting Trees for the Future, their environmental partner.

Take Action

Businesses with strong and certified environmental commitments consistently outperform their less-engaged competitors—so it’s a value move and business move. Learn more ways companies can give back to people and planet alongside their banking strategy.