Rather than celebrating Earth Day for a single day on April 22, Aspiration, America’s socially-conscious, sustainable financial firm, is launching a movement for one million Americans to take action by pledging to move their money to sustainable investments by Earth Day next year: April 22, 2019.
To encourage consumers to bank and invest sustainably, Aspiration will contribute $22 for every new Aspiration Redwood Fund account opened between April 20 and June 30, 2018 — $11 into the account holder’s fund and $11 to nonprofits fighting climate change. Aspiration will allow its customers to vote on which nonprofits receive the funds. In addition to supporting consumers in moving their money with this promotion, Aspiration is also kicking off a petition drive to help people share the word on moving to green banking and investing.
The Aspiration Redwood Fund is Aspiration’s 100 per cent fossil fuel-free, firearm free, sustainable investment fund, available at a minimum investment of $100. In 2017, by investing sustainably with Aspiration instead of the S&P 500, Aspiration customers reduced greenhouse gas emissions by the equivalent of four million fewer miles driven by American cars.
“Focusing on sustainable giving and donating on Earth Day each year is great, but we want to make the conversation last more than just a day,” said Aspiration co-founder and CEO, Andrei Cherny. “People have the power to help fight against the destruction of our planet by spending, banking, and investing sustainably. Unfortunately, Wall Street and Big Banks use their customers’ money to fund efforts like the Dakota Access Pipeline that harm the planet. We can really make a difference before it’s too late and so I’m excited Aspiration is launching this campaign to get one million people to commit to Move to Green.”
Aspiration partners with the Sierra Club and donates 10 per cent of its earnings to microloans and mentoring for low-income Americans. The company, which has raised $67 million in funding to date, built a revolutionary “Pay What Is Fair” business model that trusts customers to choose the fee they pay, even if it is zero. Aspiration’s high interest, no-fee banking account was named the “Best Checking Account in America” by Money magazine. Last year, the company launched a new Aspiration Impact Measurement (AIM) feature of its mobile banking app that allows customers to see their own personal Sustainability Scores and choose where they spend based on businesses’ impact on people and the planet.
Learn more about Aspiration in this Bankless Times interview with Mr. Cherny.