Moral Banks: The Missed Opportunity in Austria

Many people want a green bank. However, this concept did not catch on in Austria.

A bank that does not seek profit, but takes into account the interest of society. There are really a lot of such ethical banks: GLS Bank, Ethik Bank, Triodos or the relatively young Tomorrow Bank. They have long traditions, especially in the Netherlands, Germany and Great Britain. Only in Austria does this concept seem to have caught on. For a long time, yield has been the defining criterion in the financial world.

But meanwhile, the focus is not only on green electricity and organic food. People are also keen to invest their money sustainably. Even if no local bank is subject to this concept, the desire for it certainly exists among the population. Consulting agency Zeb analyzed this in their sustainability study. More than 60 percent of those surveyed in Austria indicated that they would like their home bank to develop more in the direction of sustainability. And 40 percent of all respondents are also willing to accept the higher costs of this approach.