We’ve got big news, just in time for Earth Day! Spring Bank is officially carbon-neutral! Spring Bank offset over 192,874.28 kg of CO2e and is helping to preserve the Amazon rainforest and support 80 indigenous families who live in the rainforests of Pará, Brazil as a result. Through a partnership with fellow B Corp, Carbon Credit Capital (“CCC”), Spring Bank spent the last several months assessing their carbon outputs in an “emissions inventory.” The emissions inventory analyzed Spring Bank’s business operations from January 1 to December 31, 2018, from their headquarters in the Bronx and the Harlem branch across three significant externalities:
- * Office Energy Consumption: CCC assessed Spring Bank’s use of grid electricity, renewable electricity and natural gas. As of November 1, 2018, Spring Bank proudly partnered with Green Mountain Energy to source 100 percent renewable energy. They also did a lighting energy saving upgrade at Spring Bank’s Bronx headquarter which saved 42,863 kWh. Overall, data showed us that Spring Bank’s 2018 energy consumption created an output of 69,985.66 kg CO2e. Spring Bank is excited that next year this number will be zero!
- * Office Waste: Spring Bank is taking significant steps to convert their office into a recycling-first, composting organization. Through a waste audit and partnership with GreenFeen OrganiX—a waste management, a worker-owned cooperative that uses innovative green technology and grassroots organizing to redesign current waste systems– these changes include separating organics, paper/cardboard, and metal/glass/plastic for more rigorous recycling and more frequent pick-up. Increased signage, employee training, and the pursuit of an electronics recycler partnership will be implemented in the next few months. Spring Bank’s waste emissions totaled 15,719.95 kg CO2e.
- * Employee Transportation: Spring Bank assessed the year-round commutes of 37 of its employees, including each employee’s commute distance, transportation modes, and seasonal habits. The carbon outputs of nine business trips outside of NYC and weekly average travel distances for customer site visits were also assessed. Spring Bank’s total transportation emissions for 2018 was 107,168.67 kgCO2e.
- * Through carbon credit purchase, Spring Bank supports ADPML, an organization who works with 80 indigenous families to train them in land and land-use stewardship in an area of the Brazilian rainforest that is being logged rapidly and illegally to make room for cattle ranching that further degrades the land. By ensuring over 368,000 acres of virgin rainforest will never be logged for cattle ranching, ADPML expects to reduce over 22 million metric tons (or over 48.4 billion pounds) of greenhouse gas.
As Spring Bank wrote on their website, “We are incredibly proud to be carbon neutral! As a B Corp bank, it’s a journey we’ve been on for many years, and we give gratitude to CCC for their partnership and guidance as they helped us achieve this milestone.”
“We are thrilled to help Spring Bank become carbon neutral and hope that they can be a beacon for other CDFI’s and financial institutions in general to do the same. Until now, the list of carbon neutral banks has been relatively concentrated among the Chases, and Bank of Americas of the world. With this announcement, we’re showing that carbon neutrality is possible and meaningful for everyone,” says Reed Shapiro, Director of Business Development at CCC.
Read about the Amazonian project that Spring Bank supports in Brazil. Go carbon neutral and partner with us to assess your footprint. Happy Earth Day!
Note: The original blog post was published on Spring Bank’s official website on April 22, 2019. CCC is authorized to share the article and made minor revisions to suit the content.