Climate First Bank: Building a Future with Climate-Centric Investments

Can Banking Fight Climate Change? A New Bank Believes So.

By Ken LaRoe, Climate First Bank

In a world where financial institutions rarely make headlines for environmental advocacy, Climate First Bank stands as an exception. Founded in 2021 in St. Petersburg by Ken LaRoe and his wife, this bank is driven by an unconventional mission to leverage traditional financial tools in the battle against climate change. Despite facing political headwinds, they remain steadfast in their commitment to this cause.

LaRoe acknowledges public curiosity about their bold branding choice, yet dismisses concerns about potential divisiveness. "We could have named the bank anything. It could have been America First Bank or Make Banking Great Again. But we chose 'Climate First Bank' because we believe everyone — federal and state governments, businesses and individuals — needs to put fighting climate change first," LaRoe states.

Contrary to skepticism, Climate First Bank has seen rapid financial growth. It is currently the fastest-growing new bank in the U.S. since 2009, accumulating over $1.5 billion in assets predominantly from solar panel financing. They've supported installations on more than 8,500 homes and businesses, contributing significantly to renewable energy infrastructure.

Despite federal tax credits for residential solar being discontinued, the bank remains resilient. In October alone, Climate First Bank financed over $60 million in solar projects, doubling the previous month's figures. Their customer base spans a diverse geographical range, including conservative states, suggesting broad appeal for solar energy's financial and energy independence benefits.

LaRoe argues climate skeptics lag behind both history and consumer sentiment. With plans to reach $10 billion in assets by 2031, Climate First Bank reflects an optimistic vision where capitalism can drive environmental progress.

For those uninterested in their bank's environmental investments, Climate First respects diverse customer values, emphasizing that capitalism allows everyone's financial choices to align with their beliefs. "Most people don’t know — or don’t care — how their bank invests their money. They just want their money to be safe, accessible and to earn a decent yield," LaRoe explains.

With attractive checking account yields, Climate First positions itself as a smart choice regardless of one's stance on climate change, encouraging potential customers to weigh their financial returns. LaRoe remains confident, concluding that their mission-driven approach will continue to flourish.

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