Forbright Bank Announces 2022 Sustainability Report
CHEVY CHASE, Md. , May 31 /Businesswire/ - Forbright Bank, a nationwide full-service bank helping accelerate the transition to a clean energy economy, today announced the release of its 2022 Sustainability Report. The report highlights the Bank’s progress on environmental and social initiatives across its lending activities, operations, and community partnerships. It also demonstrates how Forbright continues to be a leader in sustainable finance.
“At Forbright Bank, our approach to sustainability is closely aligned with our greater vision — to help build a brighter future,” said John Delaney, Founder and Executive Chairman of Forbright Bank. “We’re proud of our sustainable progress last year, and we will continue to finance a more sustainable economy for years to come.”
The 2022 Sustainability Report marks the second annual report from Forbright. The report introduces the Bank’s core sustainability pillars:
- Driving progress through sustainable finance. At the end of 2022, nearly a third of Forbright’s portfolio directly funded clean energy and sustainable oriented projects – including millions in residential solar loans, green building upgrades, affordable housing, and accessible healthcare loans. Overall, more than 30,000 metric tons of estimated annual greenhouse gas emissions were avoided thanks to renewable energy and energy efficiency projects Forbright financed.
- Integrating sustainable business practices. For the second year in a row, Forbright maintained carbon neutrality in its operational footprint. In 2022, the Bank also increased its LEED® certified square footage and earned certifications as a Fossil-Free banking institution and a Green Business.
- Supporting communities. In 2022, Forbright more than tripled its corporate giving, including making $560,000 in financial contributions to 60 local non-profit organizations.
“This report showcases our cohesive approach to integrating business practices that consider the environmental and social impacts that affect all of our stakeholders — customers, employees, investors, and communities,” said Samantha Norquist, Chief Sustainability Officer at Forbright Bank.
ADDITIONAL HIGHLIGHTS FROM THE REPORT:
Sustainable Finance
- Forbright led a $100 million debt facility for two solar parks in Puerto Rico – helping the island work toward its goal of transitioning to 100% renewable energy.
- Forbright joined in financing a $115 million credit facility to Cyrq Energy, a geothermal energy leader, which brings power to its customers while emitting little to no greenhouse gases.
- Forbright led $80 million in financing to support Ares Management's acquisition of Atlas Crane, a leading crane rental company that services the wind industry.
Employees and Operations
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In 2022, Forbright experienced a 36% growth in new employees.
- 41% of new hires self-identified as women
- 46% of new hires self-identified as racially or ethnically diverse
- In early 2022, Forbright launched several employee incentives to encourage sustainable behavior, such as installing solar panels, biking to work, conducting a home energy audit, and more.
- In 2022, employees spent more than 1,300 hours volunteering in their communities, an average of ~4 hours per employee.
Read more in the Forbright Bank’s 2022 Sustainability Report: https://www.forbrightbank.com/esg/
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a full-service bank taking action to decarbonize the economy. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change.
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