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ESG Challenge: Lauren Dubé, Climate First Bank Interview — Transcript

by Alliance for Responsible Capitalism · 3,806 words · 535 segments · language en · Watch on YouTube

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0:00so could you introduce yourself and your
0:02role at climate First Bank yeah um I'm
0:06Lauren DB I'm the director of all all
0:09good things at climate First Bank I've
0:12been at climate first now
0:16for I guess three and a half years I was
0:19one of our founding team members and um
0:23I've been in the space of values aligned
0:26banking now for a little over a decade
0:28which is kind of
0:31wild awesome so I know climate First
0:34Bank is the first FDIC insured Community
0:37Bank and dedicated to the environment
0:39and sustainability could you explain
0:41what this means concretely for products
0:43and services that you offer to your
0:45customers yeah um so when we started the
0:49bank um our founder CEO was reading a
0:53book called project draw down um which
0:55you're probably familiar with or may
0:57have heard of before and
1:00he so climate First Bank is actually his
1:02Third Bank the first one was kind of a
1:05built you know Community Bank that was
1:07sold and then um first green bank which
1:10was the Second Bank was built with that
1:12environmental mission in mind but when
1:14it was sold um the bank that purchased
1:17it didn't like keep a lot of those
1:19practices and products so he wanted to
1:22start Client First Bank as a way of like
1:25as he was reading project draw down said
1:27how do we pair like Financial Solutions
1:30to these um like you climate Solutions
1:33so um that was kind of the general idea
1:36of just like we need more financial
1:38power behind the things that are doing
1:41good for our planet as opposed to um you
1:44know industry that is obviously having
1:46negative impacts on our environment so
1:48that was kind of the inspiration of why
1:50climate First Bank was started uniquely
1:53so um but we also had to acknowledge
1:55that you know as an FDIC insured bank
1:57and in a state like Florida I mean
2:00you're still like a full service bank so
2:03how do we kind of put that lens on
2:06everything that we do not only as it
2:08relates to um climate change but like
2:12the well-being of communities as well so
2:15all of our dep our deposit products were
2:17set up um to be as like fair and
2:20transparent as possible so we actually
2:22have you know all of our checking
2:24accounts are virtually Fess you know
2:26minus a few uh small things but like no
2:28monthly service ch is no minimum balance
2:31requirements really trying to keep um
2:34checking accounts accessible um you know
2:37and um on the kind of impact side we
2:41actually created a few deposit accounts
2:43that had like give back models into them
2:46so we have like our regeneration
2:47checking account which um for every
2:50account opened um you know gives money
2:53directly to um project regeneration and
2:57also like we actually send those
2:59individuals like a copy of that book um
3:02so they can get inspired and educated um
3:05on what their work is doing so um we've
3:07try to be creative in how we've
3:09developed products and services as they
3:10match our mission um and on the lending
3:13side um I guess the lowest hanging fruit
3:16was um was solar and especially in a
3:19state like Florida and the Sunshine
3:20State um the solar industry kind of has
3:23or had I should say a little bit of a
3:25bad rap where people were just like
3:27feeling very like scammed by solar
3:30installers and um you know the way that
3:33the financing model was built originally
3:35wasn't really in the best interest of an
3:38individual homeowner so it's like how
3:39can we create a product that um is
3:42transparent is Affordable that virtually
3:45just replaces an individual's utility
3:47bill with a solar install um you know
3:49payment that goes over the life of the
3:51loan so we've tried to be really
3:53creative in how we've developed products
3:54and services um that
3:58make access um as easy as possible and
4:03also
4:06um I guess you could say like
4:09um I'm like totally L training of
4:11thought here but um like access being
4:15important climate Solutions being
4:16important um and education being really
4:19important so like how do we as a bank in
4:21Florida like we have individuals that
4:24are really passionate about our
4:25environment and then we have those that
4:27you know don't even think climate change
4:29is real so it's like how do we bring
4:31people into the fold by educating them
4:33on issues and solutions and you know
4:35showing things that like solar is is not
4:38only good for the planet as it is for
4:40your pocketbook so um that's been our
4:42approach to how we've built um products
4:45and services so far absolutely so I know
4:48you touched on this a little bit in that
4:50last answer but could you just
4:51explicitly list how climate First Bank
4:54assesses climate risk within financing
4:57decisions yeah um
5:00so for full
5:01transparency um we don't have anything
5:05built hard into our underwriting
5:07practices yet it's something that we're
5:09working on this year I mean keep in mind
5:10that we're only a like three and a half
5:13a little over three yearold bank so um
5:16when we first started you know there's a
5:19ton of projects that go into opening a
5:20bank so um that this project has kind of
5:23been on our Horizon for a little while
5:25as to how we want to approach climate
5:28risk in our under writing practices but
5:29to date um I mean we're obviously very
5:31aware of where our loans are located um
5:34and the risks Associated I mean we
5:36literally just got hit by two hurricanes
5:39um here in the State of Florida so you
5:41know we immediately pulled like a list
5:44of all the loans that we had in the most
5:47you know impacted zip codes um have you
5:50know kind of touch base with those
5:51clients as directly as possible um and
5:54have you know Solutions in place of how
5:56we um either give them some late payment
5:59GR r or um or just you know helping them
6:03through what could be a difficult time
6:04so but we're working on actually putting
6:07something into our underwriting
6:08procedures that would evaluate those um
6:11major levels of climate risk but as
6:14we've seen like it seems like there's no
6:17like safe climate Haven anywhere um in
6:20the states anymore so um it's it was
6:23interesting to you know also have
6:25customers in you know North Carolina
6:26that we needed to reach out to on that
6:29rist that first storm but um I mean
6:32another approach of ours is is obviously
6:35making sure we're we're funding things
6:38that are of benefit to The Climate as
6:40opposed to you know financing things
6:42like you know fossil fuels so um how do
6:45we help people in the transition to
6:48renewable energy as opposed to like
6:51sticking with the status quo
6:54um and when it comes to business
6:56customers we actually do incentivize uh
6:59um like those who are buying pieces of
7:01you know commercial real estate um if
7:05they were putting like solar panels on
7:06those buildings or making other energy
7:09upgrades um we actually do offer like
7:11rate discounts or incentives in order to
7:13make those changes while they're
7:14purchasing that property so we try to
7:16encourage um like kind of the best
7:19behaviors throughout the lending process
7:21um while also educating those that that
7:25come in on on the
7:27benefits makes sense uh so longterm what
7:32role do you want climate First Bank to
7:33play in the broader Financial
7:37system I think um so we're part of a few
7:41really great groups of banks here in the
7:43United States so we're you know
7:45certified B Corporation and there's
7:47several certified B Corporation Banks
7:48here in the United States um we're also
7:52part of a group called The Global
7:53Alliance for banking on values which is
7:55a you know International group of banks
7:58that really want to see the financial
7:59system change for good um so I think we
8:02want to be especially proving that this
8:05type of model can work in a state like
8:07Florida um which obviously has a
8:09reputation for being a relatively
8:11polarizing state so um for us it's
8:14proving that you can lead a bank with
8:16mission in mind um in a state like
8:19Florida and be successful and kind of
8:23show other banks that um like we can
8:27challenge the status quo and still be
8:29successful um I'd like to see us you
8:32know continue to be a model in that
8:34space um of what it means to be a values
8:36driven
8:38Bank yeah that makes sense so along with
8:41that I know we've heard Divergent
8:43approaches on financing heavy emitters
8:46so like on one hand you have divestment
8:49and then the other hand you have
8:50engaging in decarbonization does climate
8:53First Bank have a specific approach to
8:56heavy emitters and a way that they they
8:58look at it from a polic
9:00perspective yeah that's a great question
9:02we used to like we first um started the
9:05bank we actually had like what we called
9:07our exclusion policy where we said at no
9:10time um did we want to lend to things
9:14like fossil fuels or um it even like you
9:18know kept going into things like private
9:20prisons and um companies that were
9:22testing on animals and I mean we pretty
9:25we had a pretty weapons manufacturing
9:26another one so we had like a pretty
9:28extensive list of things that we just
9:29said like us as a bank do not want to
9:32have anything in our loan or Investment
9:33Portfolio that's related to these
9:35industries but as you may know we had
9:37the anti-g bill here in the State of
9:39Florida um that required us to eliminate
9:43that exclusion list that we couldn't you
9:45know quote unquote discriminate against
9:49industry um so therefore we couldn't
9:51really take a
9:53Firm divestment Stance if you will as to
9:56say we would never lend towards these
9:58things so we've found that our approach
10:00really has to be the latter in terms of
10:03um you know if we did
10:06have excuse me um if we didn't have one
10:10of those types of companies approach us
10:12for Lending um like how would we
10:15navigate that conversation um you know
10:17since we're not going to say that we
10:19flat out won't Bank them due to you know
10:22their value set or their industry um
10:25what approach would we take so that's
10:27where we really you know started
10:28thinking about
10:29um education and incentives and things
10:32like that because you know we're having
10:34conversations with people that don't
10:35necessarily agree with the mission of
10:36the bank um which is an opportunity and
10:38of itself um I mean Florida's you know
10:42was at least was a swing state at some
10:45point um so you know we're a really
10:47mixed um population here so it's like
10:49how can we educate more people to to Jo
10:51you know join um into our movement and
10:53kind of understand where we're coming
10:54from um I think a good example of like a
10:58project that we've done that highlights
11:00the work in this space is um gas station
11:03lending I mean we're obviously still in
11:05an economy where gas powered cars are
11:07very relevant I we have families that
11:10need to go to work that might not be
11:11able to afford electric vehicles there
11:13might not be the charging
11:14infrastructure um amongst a whole other
11:16speed of issues as to why we can't all
11:18just go electric tomorrow so um how do
11:21we encourage that transition so the few
11:24gas station loans that we've done we
11:26actually required we were able to put a
11:28provision in the loan that said we're
11:29going to require you to put solar panels
11:32on your convenience store portion and
11:34install EV charging so now that helps
11:36that gas station as the shift from
11:38fossil fuels and gas pared cars moves
11:41that they have some infrastructure to um
11:43you know add EV charging so we're
11:45increasing the infrastructure of that
11:47Network um giving more people
11:49opportunities um to maybe purchase an
11:52electric car if more charging stations
11:54are on their routes to work um so that's
11:57been one of our approaches it's it's I I
11:59think not ideally where we'd like to be
12:01I think we'd like to to you know have
12:04our former exclusion list and um you
12:08know really take a stance against um
12:10being able to lend to some of those
12:12Industries but um you know where we're
12:14at now I think is also a good place you
12:16know we're working with the you know
12:19political environment that we're in and
12:21you know trying to make the best of it
12:23and bring people along on the
12:25way definitely so are there any other
12:28examples how you've been affected by
12:30anti-g backlash and ways you've come up
12:34with to push back against
12:36it yeah um I mean having to remove our
12:39exclusion list was a big one it was
12:41obviously a big part of our narrative as
12:43you know climate First Bank to outright
12:45say that we wouldn't Bank fossil fuels
12:47so um I
12:51think you know that really like had we
12:53really had to shift kind of our
12:55messaging around that we were part of a
12:56lot of like fossil fuel free alliances
12:58and stuff where we felt like you know as
13:01a state Chartered Bank um it's been hard
13:04for us to take like a really strong
13:07approach just um since we are regulated
13:10by the state body it's you know
13:13sometimes feels challenging to
13:15oppose that same state so um you know
13:19we've we've definitely you know adhered
13:22to the law set before of us um and we've
13:25been working with a few groups um that
13:28on like a larger scale movement are
13:30working on like anti white papers or
13:33narratives around um why we feel that
13:36that bill is somewhat unconstitutional
13:39given that you know we should as a you
13:41know free business be able to you know
13:44create our own policies um so we are
13:47working with some groups that feel the
13:48same way and trying to create a movement
13:51um around that
13:53Viewpoint uh another way we were
13:55impacted is we actually had a few States
13:57like outside of the State of Florida to
13:59um kind of ban climate First Bank from
14:02holding uh State deposits given our
14:04value set so it was funny to like on one
14:07hand be told that we can't um like we
14:11can't say we're going to discriminate
14:13against industry meanwhile we have um I
14:16think like the state of Kentucky was one
14:18that said like climate First Bank isn't
14:20allowed to hold any of our public funds
14:22given their stance on um climate change
14:25so not that we necessarily repr uing
14:29those types of deposits but um if
14:32anything it maybe gave us a little bit
14:33of good press in in that way but it
14:36certainly was kind of an interesting
14:38outcome that we weren't expecting after
14:43that definitely so from your perspective
14:46what is needed to accelerate the
14:48financial flows into sustainable
14:50Investments and decarbonize heavy
14:52emitting Investments and then along with
14:54that what policies do you see as missing
14:59um I think a good example of of
15:03something that I I think I've seen is
15:05working is you know the IRA and
15:08greenhouse gas reduction fund bills I
15:10mean the bank has done a lot in in that
15:13space um and I can separate from this
15:17Stephen I can send you an article that
15:19or press release that recently came out
15:20about our partnership with mountgomery
15:22Cy uh Mount County um in terms of how
15:26we're supporting low-income families in
15:28that Community with access to renewable
15:29energy so policy like that I think works
15:33it like um like it trickles down there's
15:36tax incentive there's um you know people
15:40ex like that maybe never would have
15:41considered you know so solar energy
15:44before um now that there's um you know
15:48tax credits and incentives involved
15:50becomes more appealing to them so I
15:52definitely think we need more policy
15:55like that um I also think that
16:00um I mean like us as a bank for example
16:03I mean we've we've really tried to tie
16:06incentives to some of those kind of like
16:08good
16:09behaviors um and it's worked in some
16:11cases and it hasn't worked in others so
16:13it's like how do we as a bank um like
16:15with the kind of power of the financial
16:17system behind us like really try to
16:19continue to incentivize those good
16:20behaviors um and the things that we do
16:23want to see in our community and
16:24highlighting those and and you know
16:27uplifting um the companies that are
16:29doing it right um and I think I think we
16:33just need more Banks to get on board I
16:35think for a lot of Community Banks of
16:37our size um like technology is always an
16:40issue so like before like we actually
16:42have a sister company called one ethos
16:45um that helps develop kind of Bank
16:47technology for um right now for climate
16:50First Bank and soon for other Banks but
16:52they're the reason why we're able to do
16:54kind of solar financing at scale um
16:58before if we had had like a hundred loan
17:01applications come in the door in one
17:02month that would put a real strap on
17:04like a community bank's limited
17:06resources so um but that Tech platform
17:09was able to help us be able to like kind
17:12of create a a cue some automation some
17:16um e so now we were able to easily take
17:18in 100 solar applications in a month um
17:22and process them in a timely manner so
17:24um I I think that's one thing that one
17:27ethos really wants
17:29to kind of help the the financial system
17:32do is like what are what are the reasons
17:35why other Banks aren't you know
17:38supporting more solar loans or
17:40supporting more um like energy um
17:44retrofits and is it a it's not really an
17:48issue of making money it's an issue of
17:50like not having the resources so um
17:53that's one thing that one ethos really
17:54prioritizes is just like how do we
17:56Empower other Community Banks around
17:58them United States um to do similar work
18:01to us because we can't do this alone
18:03we're One Bank um so how do we Inspire
18:05other Community Banks to do the same I
18:07think will be a powerful lover too
18:09definitely uh so to that point I know
18:11you mentioned the white papers a a
18:13little bit um how else does climate
18:15First Bank engage in a policy landscape
18:17and how would you like to see other
18:19Banks
18:21engaging um yeah I I think for us there
18:24was obviously some fear around being
18:26vocal for that specific bill
18:29um we have a group here in the State of
18:33Florida called Florida for good it was
18:34actually founded by one of our board
18:36members um which is really a network of
18:40um you know companies of all different
18:42types around the State of Florida um
18:45that want to use you know capitalism for
18:47good so how can we make it benefit
18:49people and planet and communities um so
18:52having networks like that where it's not
18:54just like us as One Singular Banks Voice
18:58um but showing that there's folks in the
19:00hospitality industry um in manufacturing
19:04in um retail in commercial real estate
19:08like there's a community of people
19:09across all these different in industries
19:11that bring business to Florida that
19:13bring tourism to Florida that um bring
19:16jobs to Florida that want to see these
19:18changes for good so we've been you know
19:21work with that Community a lot in terms
19:23of advocating for certain State policies
19:25or local policies um
19:29the
19:31um the Global Alliance for banking on no
19:34that's not true the um B Corp Community
19:37also kind of has like a network of
19:39financial institutions that also um are
19:42trying to like collectively Network our
19:43voice for good um and show that um
19:47support of you know that's more you know
19:50Finance in initiatives more than it is
19:53um larger policy but it has been really
19:55important for us to like find
19:58communities
19:59um that you know have the same you want
20:02to have the same voice and and be able
20:05to amplify it in that way so I we're
20:08continuing to to work alongside them and
20:13and collectively use our voice um I
20:16always think we could be doing more the
20:18podcast I was just um you know recording
20:23before this call was um with Sierra Clum
20:26Florida as it related to specific
20:29environmental policies here in the state
20:30that are on the ballot in just a few
20:32weeks um so we're trying to use our
20:34platform as much as we can in terms of
20:37educating on issues um partnering with
20:40other groups around the state um to have
20:42a stronger voice and uh yeah but there's
20:46there's still so much more we could be
20:50doing but um it's nice to have
20:53communities of people that um like
20:56alongside us especially in a state like
20:58like Florida which you can kind of feel
21:00a little alone sometimes in your
21:03political views absolutely so Lauren
21:07just to wrap are there any final points
21:08you'd like to add or a message you want
21:10to leave us
21:12with um no I guess my usual message that
21:15I leave people with um is just the
21:18importance of what's in your wallet
21:21what's in your bank account a lot of
21:23people you know kind of have a lot of um
21:28you know have a strong view on climate
21:30change or have a strong view on what we
21:32could be doing as a community um and
21:35where your deposits sleep at night
21:37matters um you know those deposits even
21:39if it's just a few hundred dollar or
21:42just your you know weekly paycheck
21:44sitting in the account like those
21:45deposits fund A banks lending practice
21:48so make sure that the bank that they're
21:50sleeping with like you align with their
21:52values cuz if not you're working real
21:55hard on one side to vote for the right
21:57policies and
21:59um you maybe you're like really into
22:02driving your EV or putting solar on your
22:04home but when your deposits are sleeping
22:06at a bank that's funding fossil fuels um
22:08they have a really big impact so I
22:10always encourage folks to take a hard
22:12look at where their money sleeps at
22:13night um because that really does have a
22:15significant impact

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