CHEVY CHASE, Md.--(BUSINESS WIRE)--Forbright Bank, a nationwide bank focused on decarbonization, is proud to have received Fossil-Free Certification, joining an alliance of banks and credit unions that have pledged to not finance fossil fuel companies or projects moving forward.
The certification is provided by Bank.Green, a nonprofit organization working to elevate banks that do not finance fossil fuel projects or businesses. Bank.Green uses the certification to guide consumers toward environmentally friendly banks and credit unions.
“In receiving Fossil-Free Certification, Forbright is taking another step toward proactively supporting a low carbon future,” said Samantha Norquist, Chief Sustainability Officer at Forbright Bank. “In a short amount of time and with full support from our leadership, Forbright has laid the foundation for an industry leading sustainability program. I am proud of what our team has accomplished thus far, and I am excited about the work that lies ahead of us.”
As part of Forbright’s commitment to decarbonization, the Bank built a Sustainable Financing Framework, which outlines its methodology for classifying specific loans or investment opportunities as “sustainable” and pledged to not finance activities including oil and gas extraction or coal generated power and mining. The Sustainable Financing Framework was built in accordance with guidance by the United Nations Sustainable Development Goals (SDGs), the Global Impact Investing Network’s (GIIN) IRIS+ Thematic Taxonomy, and the green, social, and sustainability principles published by the Loan Syndication Trade Association (LSTA) and the International Capital Markets Association (ICMA), each of which seek to establish common methodologies and best practices across capital markets.
“We’re thrilled to welcome Forbright as an early member of our growing alliance,” said Zak Gottlieb, Director of Bank.Green. “With their clear commitment to sustainable banking practices, they are setting an incredible example for other U.S. banks to follow.”
Last year, Forbright published its inaugural Green Bond Report, which detailed the nearly 12,000 metric tons of annual carbon emissions avoided thanks to Forbright’s deployment of $125MM of Green Bond proceeds. In the year ahead, Forbright will continue to expand on its role as a leader in the sustainable finance space – including launching FDIC-insured deposit products tied to its Green Financing Framework, which is independently verified by Sustainalytics and in line with ICMA principles.
Obtaining the Fossil-Free Certification follows the Bank becoming the 7th bank to sign the UN Principles for Responsible Banking in 2021. The Bank has also pledged to maintain carbon neutrality in its operational footprint (Scope 1, Scope 2, and partial Scope 3 emissions, including employee commuting, business travel, and work-from-home emissions) and is providing incentives to its team members like bonuses for employees purchasing solar panels and electric vehicles, contributions for employees taking public transit or biking to work, and reimbursement for environmentally responsible subscriptions like composting or community supported agriculture.
Forward Looking Statements:
This news release contains estimates and forward-looking statements related to Forbright’s product initiatives. The estimates and forward-looking statements involve risks and uncertainties and do not guarantee future performance, as actual results or developments may be substantially different from the expectations described in the forward looking statements.
About Forbright Bank
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a full-service bank taking action to decarbonize the economy. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change.