Block Publishes First Commerce and Climate Survey and Announces Its Sustainable Banking Initiative, a $25M Investment Aimed at Promoting Sustainability Through Community Lending
29 Gennaio 2024 - 6:05PM
Business Wire
Research finds 68% of business owners are
concerned about the future impacts of climate change on their
business
Many U.S. consumers experienced more financial
costs due to climate hazards over the past year
More than 4 in 5 U.S. consumers are concerned
about the impact of climate hazards on small businesses in their
community
Today Block, Inc. (NYSE: SQ) announced the Sustainable Banking
Initiative, a $25 million investment into helping decarbonize the
economy and promote sustainability through community lending,
alongside the company’s first Commerce and Climate Survey. Through
deposits into Amalgamated Bank, National Cooperative Bank, and
Community Bank of the Bay’s Bay Area Green Fund, Block’s $25
million commitment directly connects to the company’s purpose of
economic empowerment and founding mission to help support the needs
of small businesses.
In a Morning Consult survey commissioned by Block, results
showed that both U.S. business owners and consumers are concerned
about the intersection of commerce and climate change –
particularly for businesses in their communities. According to the
survey, 68% of business owners are concerned about the future
impacts of climate change on their business. And more than half of
business owners say climate hazards impacted their business last
year at least a little - climate hazards being extreme heat, cold,
flooding, wildfires/smoke, etc. Additionally, 82% of U.S. consumers
are concerned about the impact of climate hazards on small
businesses in the community. Through the Sustainable Banking
Initiative, Block has placed $25 million of deposits into community
lenders that are providing loans to businesses and individuals
focused on sustainability efforts.
“At Block, we're always looking for opportunities where we can
make an impact in alignment with our purpose of economic
empowerment and the customers we serve. As the effects of climate
change continue to impact our daily lives and the economy, we
believe these initiatives are imperative to our sellers, customers,
and employees. Therefore, when we had the chance to combine our
belief in community-based lending with our ongoing commitment to
sustainability through Community Bank of the Bay, Amalgamated Bank,
and National Cooperative Bank, it felt like the right fit,” said
Allison Rossi, Global Treasury Lead at Block.
With Block’s purpose at the forefront, the company began
dedicating deposits to community-based lending through Community
Development Financial Institutions (CDFIs) and Minority Depository
Institutions (MDIs) across the country in 2019. In 2020, the effort
continued with a $100 million commitment to racial equity and
social impact work, including more than $25 million of investments
into CDFIs and MDIs. The Sustainable Banking Initiative is in
addition to these existing CDFI and MDI investments. The $25
million for the Sustainable Banking Initiative was fully invested
at the end of 2023.
Through deposits placed in the Bay Area Green Fund through
Community Bank of the Bay, Aro Homes received construction loans
for building single-family modular homes, which use cigarette butt
bricks to improve thermal performance and fly ash concrete to
bolster the strength of the building – and meet and exceed Green
Building Codes and Standards.
“As California's first FDIC-insured certified CDFI, we
understand that small and medium-sized businesses are not only
integral to our local economy, but critical to our collective
efforts to combat climate change. Since 2006, the Bay Area Green
Fund has channeled capital exclusively into sustainable businesses
and projects that exhibit responsible environmental practices. The
investments from depositors like Block have enabled us to support
solar installations, energy-efficient equipment upgrades, green
building construction, and other eco-friendly projects.
Additionally, this work boosts local jobs, models social
responsibility, empowers community stewardship and demonstrates a
strong business case for building environmental responsibility. We
thank our partners at Block for supporting this mission,” said
William S. Keller, Chief Executive Officer at Community Bank of the
Bay.
Additionally, National Cooperative Bank’s portfolio includes
community solar projects in Colorado and Minnesota that benefit
local commercial businesses and community residents, including
low-to-moderate income subscribers, by helping reduce dependency on
fluctuating utility bills for businesses located in unprecedentedly
cold or hot locations.
“When you make a deposit in National Cooperative Bank, your
money helps serve our commitment to the community,” stated Casey
Fannon, President and CEO of National Cooperative Bank. “Deposits
help fund NCB’s loans in low- and moderate-income communities and
our work in providing commercial and community solar renewable
energy initiatives nationwide. Since the launch of our renewable
energy lending, NCB has provided nearly 1 billion of financing for
1 GW of power nationwide.”
Renewable energy upgrades in both residential and commercial
properties are made possible through deposits in Amalgamated Bank’s
Sustainability lending, like Solar Holler, which is working to
bring clean energy and jobs to coal country.
“Our balance sheet is values-aligned, so our banking clients
know their deposits are being put to work in a safe and responsible
way, both financially and socially. Our lending is directly
contributing to the transition to a cleaner economy and is further
proof that who you bank with matters,” said Ivan Frishberg, Chief
Sustainability Officer from Amalgamated Bank.
To learn more about Block’s sustainability efforts, check out
block.xyz/news/sustainability.
About Block, Inc.
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global
technology company with a focus on financial services. Made up of
Square, Cash App, TIDAL, and TBD, we build tools to help more
people access the economy. Square makes commerce and financial
services easy and accessible for sellers with its integrated
ecosystem of technology solutions. With Cash App, anyone can easily
send, spend, or invest their money in stocks or bitcoin. Afterpay
brings Square and Cash App together, connecting consumers and
businesses. Artists use TIDAL to help them succeed as entrepreneurs
and connect more deeply with fans. TBD is building an open source
platform and developer infrastructure that enables everyone to
access and participate in the global economy.
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