While the public bank process has been years in the making, the need for a green bank may be much more pressing.
The private banking system has left some San Franciscans behind. That’s why the City is taking steps to roll out a new public bank that would prioritize investing in affordable housing, small businesses and green infrastructure to ensure low-income residents and low-margin businesses get the loans they need to thrive.
The aim of San Francisco’s public bank is to make up for decades of racial discrimination by the private banking industry, including the practice of redlining and the refusal to underwrite loans for small business owners, while also reducing pollution burdens in disadvantaged communities by slashing emissions.
Not to mention that many of the world’s top banks are still heavily invested in the oil and gas industry, despite growing calls to rein in lending to help tackle climate change. In 2021, the world's top banks provided $742 billion in finance to the fossil fuel industry, Reuters reported. “We're in the middle of this unprecedented release of funds for climate action,” said Jackie Fielder, co-founder of the San Francisco Public Bank Coalition. “And all those federal funds have to be dispersed by September 2024.”
“A green bank can be something that we create literally tomorrow if San Francisco wanted,” said Fielder. In other words, a green bank can be a backstop for larger lenders to mitigate risk and maximize equitable investments in green projects. “What the green bank does is it allows you to kind of target middle and lower income communities to offer them financial options that wouldn't necessarily be available due to generally higher risk,” said Jue.
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