Better Banking Blog

When you bank ethically, you support the planet

Apr 18, 2023 | Alex Jaggard, VP Relationship Manager, Earth Services Team Member

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Where you bank impacts the planet

The Pacific Coastal states have been subject to more extreme weather in the last year. From heavy rain and snowfall in California that has resulted in flooding this spring, to Oregon and Washington’s heatwaves that have damaged infrastructure, we continue to see the real consequences of climate change. Experts are saying that this trend is now considered “the new normal.” That’s why it’s an important priority for Beneficial State Bank to support businesses and organizations who directly and indirectly contribute to the prevention of climate change and these extreme weather events.

Banks and investors collectively have immense power to guide the resources we use. Our Earth Services team is proud to finance clean energy systems and the environmental sustainability sector more broadly. Our clients include environmental advocates, eco-friendly producers, green building professionals, conservation groups, and environmental education programs. Below are a few examples of how our clients make an impact through their organizations.

Zero-waste green manufacturing

Portland Garment Factory, based in Portland, Oregon, runs a zero-waste studio that upends the factory model. They are a leader in soft-goods innovation, design, and fabrication. This woman-owned certified B Corp is proving that manufacturing can be profitable, local, and environmentally responsible all at the same time.

Images of cushion production and the final completed macaron-shaped cushions
Portland Garment Factory uses manufacturing waste to create new products like these cushions.

Cutting-edge, equitable green economy investments

Los Angeles Cleantech Incubator (LACI) supports new companies that bring innovative solutions and products into the green economy. In addition, LACI works to accelerate systems change in transportation and mobility, green energy, and smart and sustainable cities through public/private partnerships. Their third pillar is workforce development, training a new talent pipeline of people who may otherwise not be able to access jobs in the green economy.

A recent LACI cohort, posing together pointing at the camera.
LACI designs workforce training programs to meet the needs of the cleantech industry and match trained candidates to paid, experiential internships.

Eco-friendly affordable housing development

Resources for Community Development (RCD), based in Berkeley, California, creates and preserves affordable housing in the Bay Area. RCD creates high-quality buildings designed to last for decades, refurbishing and renovating as needed. This strategy involves numerous green construction practices and moving toward an all-electric world, including investing in solar and energy-efficient materials.

St. Paul's Commons, one of Resources for Community Development's properties in the Bay Area

Where you bank matters

When we put our money in a bank, our deposits don’t just sit in a vault. They are loaned out to support all types of projects. Consumers don’t have a say in what projects banks fund, so your deposits may be financing things like fracking, pipelines through indigenous lands, and other extractive industries that harm our planet. When you choose an ethical bank, you’re casting a vote for the type of economy you want to see: one that restores our planet and extends prosperity to all.

The U.S. banking industry is trusted with $18.29 trillion dollars. So, we have to ask: what if all banks practiced Beneficial Banking™? What social and environmental justice issues would we be able to solve?

Join our movement. This Earth Day, move your money to a bank that nurtures our planet and never funds extractive industries that put our communities at risk.

Alex Jaggard stands in front of an office building, wearing a light blue shirt, arms crossed, smiling at the camera

Alex Jaggard

VP Relationship Manager, Earth Services Team Member

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People, Planet, Prosperity for All

We are proud to lend $100 million to support the environment, and $0 to fossil fuel extraction. When you bank beneficially, you choose to support people and planet.

Where you put your money matters.

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Our clients want to see their money put to good use – funding causes that defend our home planet and build resiliency in our communities. Change your bank and help change the world.

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