This document is focused on climate-based ethical banking, specifically fossil fuel divestment. Green/sustainable investments are mandatory for us to move away from fossil fuels, but nothing would accelerate the reduction of CO2 emissions the way that fossil fuel divestment would.
There is more info on other social issues on each company's website. That said, Amalgamated has by far the most efforts across all issues.
The following banks were not considered due to their large scale investment in fossil fuels 2016 through 2020. Amounts below are from the 2021 report above.
| Ranking | Company | Fossil Fuel Investment 2020 |
|---|---|---|
| 1 | JP Morgan Chase | $51.3 B |
| 2 | Bank of America | $42.1 B |
| 3 | CITI | $48.4 B |
| 4 | Wells Fargo | $26.4 B |
| 5 | Goldman Sachs | $18.9 B |
| 6 | Morgan Stanley | $20.4 B |
| 7 | U.S. Bank | $7.2 B |
Amalgamated Bank (link)
- Mobile app
- Debit issuer: Mastercard
- "100% carbon neutral in our operations"
- "Pledged to not invest in fossil fuels and support 100% clean energy"
- "We do not lend to fossil fuel companies"
- "First to endorse and one of three US banks to sign the UN Principles for Responsible Banking"
- "Committed to aligning all of our business practices with the Paris Climate Accords"
- "Committed to measuring and reporting Scope 3 emissions"
- Account option: "Give-back checking/savings acct", bank donates amount equal to half the interest earned to participating org of your choice
Issuer: Mastercard offered through First National Bank of Omaha
100% Fossil Fuel Free Portfolio contains mutual funds and ETFs
Aspiration (link)
- Mobile app
- Debit issuer: Mastercard
- "Deposits won't fund fossil fuel exploration or production"
- "tallies up the carbon output of all of your gas purchases, then automatically buys offsets to help counter the climate impact"
- "Personal impact score to help you shop to match your values"
- All above plus:
- Up to 1.00% APY on your savings
- Option to plant a tree with every round (? unsure what this means)
Zero credit card (coming soon)
- Issuer: Mastercard
- "We plant a tree every time you make a purchase — and let you plant one too."
- Allow you to offset your carbon footprint somehow, non-specific
The Aspiration Redwood Fund is a fossil fuel-free fund.
- Clean Energy Credit Union "your federally insured deposits are used to help other members afford to use clean energy"
- Sunrise Banks only in Minnesota
- Other responsible credit cards
| Ranking | Name | Fossil Fuel Divestment Strategy |
|---|---|---|
| 1 | JP Morgan Chase | |
| 2 | Bank of America | |
| 3 | CITI | |
| 4 | Wells Fargo | |
| 5 | Goldman Sachs | |
| 6 | Morgan Stanley | |
| 7 | U.S. Bank | NO STRATEGY PRESENTED |
| 8 | Truist Financial | |
| 9 | TD Bank, N.A. | |
| 10 | PNC Financial Services | |
| 11 | The Bank of New York Mellon | |
| 12 | Capital One | reducing Scope 3 emissions by 50% by 2030 (includes but not limited to their investments) |
| 13 | Charles Schwab Corporation | |
| 14 | TIAA | |
| 15 | State Street Corporation | |
| 16 | HSBC Bank USA | |
| 17 | Fifth Third Bank | |
| 18 | USAA | |
| 19 | American Express | |
| 20 | State Farm |