Banking for the Planet: Our Environmental Wins from 2024

Decades of research confirm that burning fossil fuels is the leading cause of climate change. Yet, over the past nine years, big banks have poured $7.9 trillion into the fossil fuel industry. In 2024, global fossil fuel financing increased to $869 billion (up from $706 billion in 2023), with U.S. banks accounting for nearly one-third of that. 

But there's also good news: in 2024, global investment in clean energy reached a record $2.1 trillion, nearly double the amount invested in fossil fuels. The U.S. alone invested over $300 billion in clean energy technologies like renewables, EVs, and grid infrastructure. 

Despite this progress, the pace of the transition is still far too slow. The International Energy Agency (IEA) states that, globally, we must double clean energy investment and cut fossil fuel investment by half to meet COP28 goals by 2030. 

Banks have a massive responsibility—and opportunity—to lead that urgent shift, and we’re here for it. 

For 17 years (and counting), we’ve upheld our pledge to avoid fossil fuel lending, and in 2024, we maintained our Fossil Free certification.

 We’re proud to continue to not finance industries that accelerate climate change. Instead, we direct our lending towards thriving sectors actively working to build a cleaner future.

#2. We directed over $170 million to the environmental sector. 

At the end of 2024, we held more than $170 million in outstanding loans and commitments to environmental initiatives. 

These funds support renewable energy, green buildings, environmental advocacy, and natural resource protection—thanks to our clients who bring these projects to life. 

#3. Our renewable energy lending continued to grow. 

Since 2007, we’ve issued over $166 million in renewable energy loans, including $125 million for residential solar and $22 million for commercial solar. Our carbon accounting analysis shows that this portfolio has helped avoid more than 25,902 metric tons of CO₂ equivalent, reducing our net lending footprint by nearly 24%. We’re proud to partner with organizations, like White Pine Renewables, that do the boots-on-the-ground work of bringing these renewable projects to fruition. 

#4. We expanded our carbon emissions analysis.

With the launch of our Impact Team and onboarding of a Chief Impact Officer, we deepened our carbon tracking to include both direct and indirect emissions. Internally, we monitor water, energy, and waste use, and we’re developing long-term reduction strategies. Because we rent space in Living Buildings like Seattle’s Bullitt Center, 98% of our emissions come from our lending portfolio—primarily our fair auto loans. As a CDFI allocating at least 60% of lending to low-to-moderate income communities, we face a complex balancing act between environmental and social impact. But we believe these goals can—and must—coexist, and we’re committed to evolving our strategy to reflect that. 

#5. We endorsed the Fossil Fuel Non-Proliferation Treaty. 

In November 2024, we joined fellow members of the Global Alliance for Banking on Values in endorsing the Fossil Fuel Non-Proliferation Treaty, the first collective endorsement by financial institutions. The Treaty calls for a global plan to end fossil fuel expansion and ensure a just transition for all communities.  

As some climate momentum has stalled in 2025 at the federal level, we remain steadfast in pushing for bold, systemic climate action. 

Let’s Keep Moving Towards a Green (and Equitable) Future 

Clean air, water, and soil shouldn’t be controversial—they’re essential for everyone, no matter where your values lie. We see the climate crisis for what science shows us it is: a crisis worthy of urgency. That means embracing complexity, making tough choices, and pushing the boundaries of what regenerative and equitable banking can look like.  

We’re proud of what we accomplished together in 2024 for both people and the planet, and we know this is just the beginning. Thank you to our customers, employees, and partners for being an integral part of this journey.  

To read more about our impact from 2024, check out our full 2024 Impact Report, and if you’re interested in aligning your money with your environmental values, read how you can Move Your Money.