Habit Changing Strategies for 2024

The Pew Research Center's 2023 survey on attitudes towards climate change and energy issues found that over two-thirds of Americans support prioritizing the development of renewable energy sources. The same percentage of Americans also said that they believe large businesses and corporations are doing too little to reduce the effects of climate change.

In the new year, one easy way to prioritize the planet and change your habits to be greener is by switching how you bank. Atmos Financial, a technology company offering climate-positive banking solutions, uses one hundred percent of its deposits to support renewable energy and energy efficiency projects that have a positive climate impact. This means that your savings dollars can help fight climate change whilst they sit in your bank account. Newsweek's Better Planet spotlights Atmos Financial as an innovative green business tackling the climate crisis.

Why Make the Swap?

Research suggests that by swapping to a climate-responsible alternative, individuals can reduce their personal banking emissions by 76%. But why does your money have a carbon footprint in the first place?

When money is deposited into a bank as savings, banks make money by lending these personal deposits elsewhere. This includes fossil fuel companies, emissions-heavy manufacturing industries and agriculture. In fact, since the 2015 Paris Climate deal, the world's biggest 60 banks have provided at least $3.8 trillion in financing for fossil fuels.

For customers that don't want to support the fossil fuel industry – and help the country meet Biden's net zero goal by 2050 – Atmos Financial offers personal banking services guaranteeing that all their savings will be used to support climate-positive projects that help further decarbonize the economy.

No Need to Swap Banking Services

Adding an Atmos Financial account to your existing banking stack takes five minutes or less and depositing your savings into an Atmos account immediately yields a positive impact on the planet. With an application process that maximizes efficiency, without minimizing security, customers can deposit finances, transfer funds and pay their bills all within the Atmos app.

"You don't have to be a homeowner, you don't have to own a car, you don't have to be able to install a solar or heat pump," said Atmos Financial co-founder Ravi Mikkelsen. "If you've got $20 in your savings account, we can put those $20 to work."

Customers are also immediately able to see the impact of their money within the Atmos app through the Environmental Protection Agency's Avoided Emissions and Generation Tool AVERT, which helps Atmos to estimate the total carbon emissions saved per dollar deposited in their account. So far, Atmos customers have saved over 145 million pounds of carbon dioxide or equivalent greenhouse gasses from entering the atmosphere, through savings deposits with Atmos.

Committing a Monthly Donation Towards the Planet for 2024

For those looking to make changes to where their money goes in 2024, deciding to donate funds to a climate-positive initiative can help support those fighting on the front lines of the climate crisis. According to a report by the ClimateWorks Foundation, contributions made to climate philanthropy in 2022 accounted for less than 2% of all giving. This means that out of an estimated $811 billion given by individuals and foundations to support causes, less than $13 billion was given to help mitigate climate change.

However, Atmos Financial makes it easy – and rewarding – to make donations to climate-positive initiatives. When customers open a savings account with Atmos, they receive a savings rate of 1.75%, meaning that a value equivalent to 1.75% of their deposits are added to their account, annually, by Atmos. When customers commit to a monthly donation to one of Atmos' 120 approved non-profit organizations, donors double their savings rate to 3.5% on their deposits.

Caelin Weiss of Amazon Watch, a non-profit organization that campaigns for protection of the rainforest, said that: "Amazon Watch is so grateful to the Atmos community for empowering our movement to defend the rainforest and our climate in solidarity with Amazonian Indigenous peoples!" Last year, Amazon Watch gave $2 million to the 511 Indigenous communities across the Amazon, supporting them in the fight for Indigenous land rights that will protect the Amazon from deforestation.

Prioritize Shopping at Sustainable Businesses

For 2024, customers can also help support the planet by choosing where to spend their dollars. Supporting sustainable businesses and avoiding fast fashion and destructive products like palm oil and industrially farmed meat can drastically reduce your carbon footprint.

At Atmos Financial, customers are rewarded when they spend their money at climate-positive businesses, like Patagonia, Thrive Market and Imperfect Foods. Atmos supports over 180 sustainable companies, including electric transport, sustainable groceries as well as restaurants and cafes, by paying customers up to 5% cash back when they make a conscientious purchase.

"It really can be that easy," said Pete Hellwig, co-founder of Atmos Financial, "It can be just a click of a button to have a massive impact."

Consider Upgrading to a Renewable Resource

In 2023, solar and wind energy officially became cheaper than using fossil fuels, according to The Global Electricity Review.

As one of the cheapest and most common forms of renewable energy, another green swap to consider is solar energy. Research by the Department of Energy demonstrates that powering your home using solar energy is viable in the average American home, even during winter. Installing solar panels have also been shown to significantly increase the value of the property.

Until January 2033, taxpayers can also claim a 30% tax credit on the cost of solar systems to their income tax, making renewable energy even more affordable.

Atmos Financial makes it easy to apply for a solar loan. Pre-qualification matches customers with a Atmos-approved local solar installer, who will provide a price quotation for your home. Once an installation cost is confirmed and a credit check is performed, customers can choose the terms of their loan and begin their solar installation project.

Atmos solar loans have been shown to offer among the lowest total cost for most buyers, making solar affordable to install, and money-saving to run. Launched a little more than a year ago, Atmos clients, funded by Atmos deposits, have installed almost 11,868 kW of solar electricity across the United States.

Small Changes Can Make a Big Difference

The climate crisis cannot be solved by an individual. But, by making sustainable changes, like where you deposit your money, you can make a significant difference.

In the United States, 95% of adults have a bank account with an average account balance of $8,000. Moving this value from a "carbon-intensive" bank to a "climate responsible" alternative would result in a larger reduction in personal emissions than adopting a vegan diet. It would even result in double the reduction in personal emissions as adopting a vegetarian diet, according to Project Drawdown, a research non-profit organization focused on climate and the finance sector.

"Atmos is the world's most climate positive banking product," said Hellwig, "because Atmos uses one hundred percent of its deposits to support the clean economy."

"Finance really is the Archimedes lever that we've been looking for, to move the world off of fossil fuels," says Mikkelsen. In fact, Atmos Financial has been recognized by the Global Footprint Network as a "Top 100 Solution to Climate Change."

"In our transition to decarbonize the economy," said Hellwig, "we can all be a part of that solution, we should all be a part of that solution."