How to Start (and Run) a Bank That Puts People and Planet Over Profits

Samsø, a small island in Denmark, has done what no other city has reached; energy independence. People on the island use a combination of wind, solar, and biomass, energy. How is such a large feat accomplished? Local leaders say it wasn’t because of technological breakthrough, but through collective action.

A utility company in Framingham, Massachusetts, worked with climate advocates to build a unique geothermal heating and cooling project that spans a whole neighborhood. A group of residential and commercial buildings share the infrastructure necessary to harness stable underground temperatures for heating and cooling, which reduces their greenhouse gas emissions and energy bills.

Thermal storage technologies are lowering businesses’ energy costs and carbon emissions while reducing strain on the grid during peak times. Two hotels in California implemented a system that makes ice when energy demand is low and uses the ice during peak demand times to cool the building.

In Gateshead, England, Lanchester Wines keeps its storage warehouse at a stable temperature year-round using geothermal heat from an abandoned coal mine nearby. The water that naturally floods the mine is geothermally heated below ground, then a heat pump system pulls that water to the surface to transfer that heat to the warehouse.

A cryptocurrency mining company in Texas called Layer1 can power down its data-processing centers and sell its unused electricity back to the power grid. Instead of passively consuming energy, they are able to utilize batteries, smart meters, and artificial intelligence software to use more renewable energy and, at the same time, make a profit. While scaling this response can be difficult due to restrictions from utility companies on how consumers get their energy, Layer1 estimates it will save up to $6.7 million annually by cutting production for 30 minutes during some of the hottest days in the summer.

Climeworks is focusing on pulling carbon dioxide directly out of the air to store or reuse in some capacity as a way to lower global greenhouse gas emissions. The Swiss company has 16 plants around Europe, with their biggest one in Switzerland that removes 900 tons of carbon dioxide a year that is then sold to Coca-Cola Co. to put in soft drinks or to local industrial greenhouses for plant growth. Scaling the operations to capture more carbon is costly, but the startup recently raised $76 million from investors.

Indigo Agriculture, an ag-tech startup, is looking to pay farmers to draw carbon dioxide from the air and store it in the ground, which could help mitigate the effects of climate change and lower greenhouse gas emissions. Other companies that want to offset their own emissions can purchase credits on a carbon exchange. While the market hasn’t opened yet and some experts are skeptical about how much carbon the soil will absorb, Indigo Agriculture has signed up more than 5,000 farmers representing 19.8 million acres of land.

With the prices of solar technology dropping and the opportunity to save drastically on energy usage and costs, businesses and organizations across the country are investing more in solar infrastructure for their buildings and facilities. The Better Buildings Initiative of the US Department of Energy is helping by providing guidance and documenting effective approaches and financing for renewables installations - from hotels, to schools, to big box retail.

An economic shift to renewable energy could take decades, but thanks to rapidly evolving disruptive technologies, dropping prices of solar and wind power sources, and increasing market demand for green business, the new age of renewable energy could encompass the world economy much more quickly.

Since its commercial launch in 2012, M-Kopa has grown to exceed expectations for its revenue--now making more than $12 million a year. The company does this all while expanding access to affordable technology to the poorest rural population in Kenya, as well as providing them with credit and promoting green practices.