ST. PETERSBURG, Fla., Jan. 11, 2022 (GLOBE NEWSWIRE) -- In support of its commitment to a climate-positive future, Climate First Bank, a community bank with a planet-saving mission, joins the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner, in line with the most ambitious targets set by the Paris Climate Agreement.
Representing over 40% of global banking assets, with 98 members from 39 countries and $66 trillion in total assets, NZBA is a critical step in the mobilization of the financial sector in the fight against the climate crisis. It recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions, encompassing both operational and attributable emissions, including Scope 3 emissions.
NZBA members commit to:
- Set scenario-based interim targets for 2030 or sooner for priority sectors
- Prioritize areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors
- Annually publish emissions and emissions intensity
- Take into account the best available scientific knowledge
- Set first target(s) within 18 months of signing and report annually thereafter
- Disclose progress against a board-level reviewed transition strategy
The NZBA is convened by the United Nations Environment Programme Finance Initiative and is the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance for COP 26.
Based in St. Petersburg, Fla., Climate First Bank is the world’s first climate focused commercial bank. The creation of serial eco-entrepreneur Ken LaRoe, the ESG-powered bank draws down society’s carbon dioxide addiction through its environmentally focused lending solutions. Since opening in June 2021, 43% of the loans that Climate First Bank has financed have been mission-aligned loans such as solar energy, LEED retrofitting and electric vehicle charging infrastructures.
In addition to NZBA, Climate First Bank is a member of philanthropic network 1% for the Planet, is a pending B Corporation and the only legal Benefit Corporation bank in Florida. Climate First Bank also works closely with Florida-based environmental nonprofit We Are Neutral to track and offset its environmental impact as part of its net-zero commitment.
“Climate First Bank is proud to join this worldwide alliance and work together with our peers in the finance sector to accelerate action on climate and further our collective goal to reach net-zero emissions by 2050,” said Climate First Bank CEO and Founder Ken LaRoe. “Banks have a huge part to play in our battle against the climate crisis. Each investment in fossil fuels and other extractive industries is an investment against humanity’s future. That’s why changing finance to finance change is a huge cornerstone in the plan to save our planet.”
Stay tuned for the latest updates, and to learn more visit climatefirstbank.com.
About Climate First Bank
Climate First Bank is a values-based community bank offering a complete, full-service portfolio of simple and easy-to-use traditional banking products. These products are powered by high technology to meet the expectations of today’s consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. Member FDIC.
About the Net-Zero Banking Alliance:
The industry-led, UN-convened Net-Zero Banking Alliance brings together over 98 banks representing almost half of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees banks setting an intermediate target for 2030 or sooner, using robust, science-based guidelines. The Alliance will reinforce, accelerate and support the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions.
www.unepfi.org/net-zero-banking
Media Contact
Ericka Rivera
Uproar PR for Climate First Bank
(407) 417-3598
erivera@uproarpr.com
