How Fintechs are Working with Banks to Make Them More Green

Tearsheet
Monday, March 15, 2021

In February, the Clean Energy and Sustainability Accelerator Act was reintroduced to Congress. The legislation would allow for the creation of a national green bank, which would use $100 billion in private and public funds to invest in clean energy projects. This move, together with the fact that 39% of voters said they would take environmental factors into consideration when choosing a bank, seems to point to the financial industry getting greener. "We're living in a time of great societal change, and consumers have made it clear that they want brands to take a stance on things like sustainability and racial justice," said David Reiling, CEO of Minnesota-based Sunrise Banks, a bank that brands itself as socially responsible. "Frankly, companies need to make a commitment one way or the other – they can't remain silent."