Citizens has launched a new option, allowing corporate depositors to elect to have their cash reserves loaned out in support of environmentally friendly companies and projects.

In cooperation with Sustainalytics, a Morningstar provider of environmental, social and governance research and data, Citizens has identified in their existing portfolio which companies and projects meet the Green Deposit framework.

The Green Deposits framework includes sectors such as energy efficiency; renewable energy; green transport; sustainable food, agriculture and forestry; waste management; and greenhouse gas reduction. The idea for the product came from a group of Citizens colleagues, and the bank developed and funded it via Citizens’ Innovation Fund.

If a company chooses to join, their money will be earmarked within the bank for funding environmental projects, same rate of deposit as before. The benefit to the corporate client is the ability to advertise that they have opted into an ESG deposit and are directly funding green projects.

“Recognizing the increasing desire among clients for socially responsible investing options, our new Green Deposits solution gives clients a sustainable investment vehicle that aligns with Citizens’ own commitment to help create a healthy and sustainable future for all of our stakeholders,” said Michael Cummins, executive vice president and head of treasury solutions at Citizens. “As a financial institution, Citizens recognizes the critical role that the bank can play to help finance a socially responsible future and continues to explore opportunities to support sustainable development.”

To learn more about Citizens Green Deposits, visit CitizensBank.com/ GreenDeposits.

— LIISA RAJALA