A new program from Citizens Bank will allow corporate clients to direct their cash reserves toward companies and projects that are expected to create a positive environmental impact, the bank said in a recent statement.

Called Green Deposits, the solution lets clients direct their deposits to investments in sectors such as energy efficiency, renewable energy, green transport, waste management, greenhouse gas reduction, and sustainable food, agriculture and forestry.

“Recognizing the increasing desire among clients for socially responsible investing options, our new Green Deposits solution gives clients a sustainable investment vehicle that aligns with Citizens’ own commitment to help create a healthy and sustainable future for all of our stakeholders,” Michael Cummins, executive vice president and head of treasury solutions at Citizens, said in the statement. “As a financial institution, Citizens recognizes the critical role that the bank can play to help finance a socially responsible future and continues to explore opportunities to support sustainable development.”

Citizens said it developed the Green Deposits framework to identify eligible activities within the bank’s portfolio and ensure alignment with best practices and standards. The framework was based on criteria developed with the support of Sustainalytics, a Morningstar company that provides environmental, social and governance (ESG) research and data.

“Citizens is committed to reducing its own operational impact on the environment, understanding and managing the risks and opportunities presented by climate change and resulting regulatory and market changes, and helping our customers plan for and manage climate change impact,” the bank said.

To support the renewable energy industry, Citizens said it provides equity investments through Citizens Asset Finance. The bank said it has participated in funding eight U.S. wind farm projects since 2015 and had invested approximately $403 million by the end of 2020.