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Jul 23, 2021

What is Eco-Friendly Banking?

With heat waves and cold fronts hitting parts of the world that aren’t used to the extreme heat or cold, it’s even more critical to turn to sustainable practices. Going “green” with your bank can cut down on trash, help boost eco-friendly corporations that support green initiatives, and even actively reduce emissions through climate-positive investments. 


What makes a bank “eco-friendly”? Let’s find out.


First, many consumers are starting to look for eco-friendly labels and dive into the history and reputation of a company before choosing where to spend their money. Banks have caught wind of these trends and are also jumping on to the environmentally-friendly bandwagon. Some banks are more marketing spin than action, so it’s important to look under the hood if you want your money truly aligned with your values.


Eco-Friendly Banks Lend Money to Stop Climate Change


The most important thing to remember is that banks use your deposits to make loans. So when looking for an eco-friendly bank, make sure they’re actually using your money to make loans that are good for the planet. It’s simple! 


Banks make lots of different types of loans. Clean energy projects or EV financings are a great example of ways a bank can support the environment. Every dollar used to create new sources of renewable energy and reduce fossil fuel extraction has a long-term positive impact on the planet.


A green banking institution, such as Atmos, dedicates its services so that “everyone, everywhere, [can take] action towards a clean, fair and transformed economy.” The focus of Atmos’s deposits will go toward technologies and infrastructure that reverse global warming. At Atmos, the high savings rate they offer stems from clean investments.


Eco-Friendly Banks are Paperless


One of the key traits of sustainable banking is it cuts down on paper waste. Many banks still send notifications and bills in the mail all the time. Sure, you can still do that, but now we can select to go paperless thanks to technology. What does this mean? It means your institution will rely on the Internet with paper-free transactions and notifications.


Bills and statements that were sent through the mail can now be delivered to your inbox instantly.


Going paperless isn’t only beneficial to the environment; it’s a time saver and reduces mishaps. Previously, bills could get lost in the mail, and you would need to step into an in-person bank to use certain services. That is no longer true if you go entirely digital, which some green banking institutions are starting to do. 


Paying your bills is convenient and as simple as logging into your online banking account. With just a few clicks, you can complete all the transactions you need to do. 


Eco-Friendly Banks are Transparent


In a world where false or misleading advertising is so prevalent, transparency is the key to trust. Banks are in charge of your money, and clients have the right to know precisely the type of impact they are making. AtmosACTION saving accounts give you a clear picture of your money’s carbon impact. 


True eco-friendly institutions will give full transparency on where your money is going and what it’s doing to help the environment or a cause close to your heart. They will also clearly outline how the banks have taken steps toward greener practices.


With Atmos, everything is clear. They even show you exactly how they calculate your carbon impact. They support renewable energy, electric transportation, regenerative agriculture, to name a few, while making sure your money never goes towards fossil fuel extraction, industrial agriculture or livestock production, and basically anything else that harms the planet. 


Eco-Friendly Banks are Energy Efficient 


Making the switch to run operations from more sustainable energy sources makes a big difference in an institution such as a bank. Banks use a ton of power to support their ATMs and utilities. The alternative energy route will significantly decrease their carbon footprint.


For example, something as simple as switching to LED lightbulbs or using solar panels to power the building are both ways sustainable banks around the world have attempted to be more environment-friendly. 


Even easier, on-site compost programs can help reduce the footprint of any business, banks included. 


Eco-Friendly Banks Support Sustainable Causes


Corporations have now started looking into a higher CSR (Corporate Social Responsibility) rating for approval from consumers. Some initiatives help plant trees or donate a portion of the proceeds to important environmental causes. Banks have also taken this route to aid green organizations.


Atmos supports a myriad of nonprofits that have set their sights on changing the world. 


With Atmos and eco-friendly banking, you too can take steps to a better future. Every dollar matters, so make yours count!


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