Leading the financial climate strategy with our goal to reach net zero emissions by 2045

Amalgamated Bank has long been committed to justice for all people and the planet. To advance in these areas, we must lead on the critical issue of climate change. While this man-made crisis affects everyone, marginalized, low-income communities suffer the greatest impacts. We recognize that we cannot fight for social, racial, environmental, and economic justice without reducing our own impact on the planet and helping finance the transition to a just, clean economy.

Today, we are taking a huge step forward in this work by setting formal targets that strive to achieve net zero emissions in both our financing and operations. Our Net Zero Climate Targets Report outlines our plan for how we expect to build and align with a climate safe future. The foundation of this work is a commitment to measure our impact, to set targets that guide our business and the impact we have in the world, and to be transparent about what this will mean.

As society gets steadily closer to exceeding safe emissions levels, it is critical that hard science and real plans support and validate our work. That’s why we are using science-based targets, as well as engagement strategies, to achieve net zero emissions by 2045—five years ahead of the 2050 target set by the IPCC. We provide the core strategies and assumptions behind those targets, including our client engagement, new streams of finance and our expectations for public policy.

Without specific, comprehensive and measurable targets and plans, we cannot credibly do our collective work to build a safe, low-carbon world. It has been a long journey for the banking sector to be able to set science-based targets; but through industry collaboration like the U.N. Principles for Responsible Banking (UNPRB), Net-Zero Banking Alliance (NZBA), and Partnership for Carbon Accounting Financials (PCAF), we are proud to have supported the advances in financial climate strategy that paved the way for this moment.

It’s important to stress that these plans depend on public policy changes. Without significant and transformative intervention from policy makers at every level, the economy will not change rapidly enough to meet any corporate or governmental target. While we are fully focused on our financial role, we also remain committed to political engagement and public advocacy to achieve more rigorous climate policies.

Of course, we cannot fully anticipate the road ahead. One thing we can be certain of is that our assumptions will change, and that we will be presented with new opportunities and challenges as we go. Another certainty is our commitment to the work ahead. For nearly 100 years, Amalgamated Bank has served organizations and working people who have fought tirelessly for a better world. Better for those they serve and for future generations. Our climate work is technical and strategic, but it also honors the heritage of those who work for the future. We are excited to embark on these commitments, engage with allies to realize our goals, and communicate our progress to our valued stakeholders.

Read more in the report here.