1274: The Cost of Climate Change: How Big Banks Contribute to Climate Change (and How to Save Sustainably)

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 3 November 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

When it comes to making an impact with our money, our first instinct may be to shift our shopping dollars to support the change we seek in the world. From banning plastics to supporting Black-owned businesses to boycotting retailers that are unkind to their workers, how and where we collectively spend certainly matters and deserves attention. But what about where we save our money? Where we bank? Total cash deposits at all commercial banks in the US currently exceed $17 trillion and if you have a checking or savings account with a major US bank, your deposits may be used to finance large-scale "climate-unfriendly" projects. A Rainforest Action Network study finds that the world's biggest financial institutions have been key financiers of fossil fuel projects -- to the tune of $3.8 trillion since 2016. Changing the equation is our guest: Geeta Sankappanovar, founder and chair of Rallius, the first digital banking platform solely focused on ESG initiatives. The mission at Rallius is to fight systemic inequality, support climate action, and democratize wealth creation. The company hopes to draw $500 million in deposits during its first year of business. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you ready for a Monzo Business Bank account?
0:03.3	Heather from the Accountant's Growth Club was?
0:05.3	Knowing what cash I have is really important.
0:08.0	And Monzo Business makes it easy.
0:09.8	It automatically puts 20% of my income into a tax pot.
0:14.0	When it's time to pay your VAT, I always know the money's there.
0:16.8	If you're ready for a Monzo Business account, apply today.
0:19.9	Just search Monzo Business.
0:21.5	Only sole traders or limited company directors in the UK can apply.
0:25.0	Get tax pots with Monzo Business Prove for £5 a month.
0:58.1	With Dr Pepper Zero.
1:28.4	Salon, Moe.
1:30.4	So, money, Episode 1270, our cost of climate change series continues today.
1:35.9	Why it matters to bank sustainably with Raleas CEO Geeta Sankopana Bhar.
1:43.5	You're listening to So Money.
1:45.2	With award-winning money grew for new star Robbie.
1:48.0	Each day, in a 30-minute dose of financial inspiration
1:51.3	from the world's top business minds, authors, influencers,
1:54.8	and from Parnoochir cells.
1:57.7	Looking for ways to save on gas or double your double coupons?
2:01.3	Sorry, you're in the wrong place.
2:03.4	Seeking profound ways to live a richer,
	...

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