Sunrise Banks is scaling up its sustainability push with a green lending initiative designed to significantly reduce its carbon footprint. Led by Laura Wildenborg, the bank’s Net Zero Banking programme is steering more funds into environmentally friendly projects across Minnesota.

Launched in 2024, the initiative has already issued $20 million in loans to support 29 green developments statewide. It forms part of the bank’s wider pledge to halve its carbon emissions by 2030 and achieve carbon neutrality by 2050, in line with commitments made through the Global Alliance for Banking on Values.

Wildenborg’s initial assessment of the bank’s carbon impact revealed that its lending activities accounted for the majority of emissions, particularly from non-sustainable property developments. “It goes beyond our bank branches and business travel to encompass where we lend our money,” she explained.

Around 80% of the funding has been directed towards commercial real estate and large multifamily housing projects that comply with U.S. Department of Energy green building standards. These include the Solstice Northeast, a 23-unit residential complex in Northeast Minneapolis, the Firefly apartment building on Grand Avenue South, and the Brown-Jaspers Building on University Avenue West. The remaining loans have supported clean transport and renewable energy projects.

Although the $20 million allocation represents only a fraction of Sunrise’s $1.7 billion loan portfolio, Wildenborg remains optimistic. She aims to double the green lending figure to $40 million within the next year.

Sunrise Banks, based in St. Paul, was ranked the 15th largest bank in the Twin Cities last year, reporting $2.2 billion in deposits and $2.4 billion in assets.