Bank of the West is launching the 1% for the Planet Account. According to the bank it represents the first and only current account designed for climate action.
In particular, the account features a carbon tracking tool and a biodegradable card. Moreover, Bank of the West will donate 1% of account revenues to environmental non-profit partners at no cost to customers.
The first recipient of funds generated by the initiative will be Protect Our Winters (POW).
“When you talk about climate change people are often at a loss as to what they can do personally to effect change,” says Ben Stuart, Chief Marketing Officer, 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.”
Key features of the 1% for the Planet Account include:
- A carbon tracking tool. This allows customers to view the carbon impact of every purchase made with the card;
- A debit card made from 100% biodegradable/compostable plastic;
- No monthly service charge with one qualifying deposit per statement; and
- Bank of the West will donate 1% of revenue from the account to environmental nonprofit partners of 1% for the Planet, starting with Protect Our Winters. This is at no cost to the customer.
“The planet needs support, and our growing network is doing its part to increase giving. Our business and individual members have donated more than $265m to our environmental non-profit partners to date. Our members lead with purpose and commitment, values that consumers support,” says Kate Williams, CEO of 1% for the Planet.
Other Bank of the West environmental initiatives include restricted financing of fossil fuels, big tobacco and palm oil.