Bank of the West: banking for climate change
San Francisco based Bank of the West (a BNP Paribas company) announced yesterday that it has launched its first checking account that will be directly supporting global climate action in an effort to build a better future for the planet, the 1% for the Planet Account.
1% of net revenues made from the account will be donated to not-for-profit climate change organisations at no cost to the customer. The first beneficiary will be Protect Our Winters, a nonprofit created in 2007 that focuses on legislation regarding the climate crisis.
"When you talk about climate change people are often at a loss as to what they can do personally to effect change," commented Ben Stuart, Chief Marketing Officer at Bank of the West. "The 1% for the Planet Account allows consumers not only to bank with a group that is progressive on energy policy and is striving to meet the demands of the Paris Accord, but also that donates 1% of the account’s revenue to address climate change at no cost to the consumer."
What are the key account features?
- A 100% biodegradable/compostable debit card, “so when your card expires, it expires for good.”
- A carbon tracking tool working with online banking, allowing customers to keep track of every purchase and its carbon impact
- No monthly service charge when one deposit is made per statement, including no minimum balance and no direct deposit is required
Bank of the West’s release of this account is part of the company's movement to use more sustainable practices, this includes restricting financing acts that are harmful to the planet like fossil fuels, palm oil and big tobacco.