Jeff Masters Weather Blog

Online bank funds climate solutions, not fossil fuels » Yale Climate Connections

Reducing climate change will require big investments. Banks can help accelerate the transition from fossil fuels by financing clean energy and efficiency solutions.

Jason MacDuff is president of Greenpenny, a virtual bank that was launched by Iowa-based Decorah Bank.

Greenpenny prides itself on being carbon-neutral, and only investing in climate solutions — ranging from home efficiency projects to large renewable energy installations.

“We are all about financing a sustainable tomorrow. That’s our mission,” MacDuff says. “And so if that means solar, great. If it means geothermal, we will look at it. If it means wind, we will look at it.”

For banking customers, Greenpenny offers checking and savings accounts. MacDuff says consumers who are concerned about climate change can feel good about putting their money in these accounts.

“So at Greenpenny, you can know that your deposits are only going to be used to finance sustainable practices like renewable energy systems or carbon-reducing activities,” he says. “And you can know they’re not going to finance the fossil fuel industry or other carbon-emitting things that might not be aligned with who you are.”

So the approach allows Greenpenny to attract eco-conscious customers and make money while playing a critical role in reducing climate change.

Reporting credit: Stephanie Manuzak/ChavoBart Digital Media

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