Climate First Bank has hired Chris Castro as executive VP and chief sustainability officer (CSO), the financial services firm said. Here are four things to know about the bank's sustainability strategy, and Castro's professional experience.
1. Business Scope and Scale: Climate First Bank, founded in 2020, is based in St. Petersburg, Florida. The bank now manages more than $900 million in assets. Climate First Bank is striving to achieve $10 billion in assets managed within 10 years. The company's sustainability strategy and impact report is here.
To manage that next stage of growth, the bank in January 2025 promoted Lex Ford to succeed founder Ken LaRoe as CEO. LaRoe remains CEO of the bancorp holding company and president of the bank. He will also shift to executive chairman of the board of the bank.
2. Executive Experience: Castro since 2022 served as a presidential appointee for the Biden-Harris Administration. He was chief of staff for the Office of State and Community Energy Programs (SCEP) and senior advisor for the Office of Energy Efficiency & Renewable Energy (EERE) at the U.S. Department of Energy. Earlier, Castro was director of sustainability and resilience for the City of Orlando, Florida.
3. Executive Perspectives: In a prepared statement, Climate First Bank CEO Lex Ford said: "Climate First Bank is focused on driving generational investments into clean energy -- and Chris is exactly the leader to help do just that. His extensive experience with, and passion for, sustainability aligns perfectly with our mission to combat the climate crisis. As chief sustainability officer, Chris will play a pivotal role in advancing our sustainability initiatives, innovative financing solutions, and driving positive environmental impact."
Added Castro: "I'm truly honored to rejoin Climate First Bank and continue to contribute to its mission of catalyzing sustainable and inclusive financing to enable solutions to the climate crisis. I look forward to working with the team to lead our sustainability portfolio, develop innovative partnerships and new financing tools, and ultimately help scale our impact to new markets nationwide."
4. Financial Services and Sustainability: Climate First Bank's sustainability efforts surface even as some banks downplay or reduce their climate commitments. Amid pressure from some U.S. republicans, multiple financial services firms have exited the Net Zero Banking Alliance (NZBA), a United Nations-sponsored initiative focused on sustainable finance, Reuters reported.
Chief Sustainability Officers: Why Technology Partners Should Care
By 2027, 25% of Global 2000 companies will have assigned a chief sustainability officer (CSO) responsible for meeting their organization’s ESG goals and making ESG-related IT purchasing decisions, according to IDC.
The bottom line: Technology partners need to extend their sales, marketing, engagement and support strategies to successfully fulfill those CSO customer needs, Sustainable Tech Partner believes.
