Amalgamated Bank and Urban Ingenuity Announce Commitment to Community Owned Clean Energy At Clinton Global Initiative
Projects will serve over 5,000 low- to moderate-income households, create more than 500 jobs over 3 years.
In the face of this climate crisis, we need to rebuild and reinvest in communities from the bottom up. Local ownership is central to Working Power to ensure community voice in guiding projects and the empowerment of frontline communities and build local businesses and institutions.
(New York, NY; Washington, DC) September 19, 2022 – Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) and a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social and environmental change, announced today a joint commitment with Urban Ingenuity to launch the Working Power Project. As a locally owned and justice centered finance and development platform for clean energy assets, the Working Power Project brings together financial, community, public, and philanthropic partners who provide both technical and financial assistance to local developers and impact investors.
“In the face of this climate crisis, we need to rebuild and reinvest in communities from the bottom up. Local ownership is central to Working Power to ensure community voice in guiding projects and the empowerment of frontline communities and build local businesses and institutions,” said Brenda Loya, National Director of Community Development Finance. “We are proud to join this groundbreaking partnership to ensure that investment in resilient, clean energy assets leads to lasting wealth and good union jobs for working families as a tool of justice-centered economic development."
“The just transition to a clean energy economy means trillions of dollars of investment in transformative new infrastructure, to rebuild and rewire a more productive and competitive U.S. economy,” said Bracken Hendricks co-founder of Urban Ingenuity and the Working Power Project. “But just as in previous waves of public investment — from rural electrification to the transcontinental railroads, interstate highway system, and GI Bill — if social equity isn’t hard-wired into these programs, too often those most in need are left out when dollars start to flow. Working Power centers communities directly in ownership, to ensure that scaled investment means better lives for front line communities.”
Working Power will organize capital to fund projects that will serve over 5,000 low- and moderate-income households and create over 500 jobs by 2025. By facilitating investment into a pipeline of wealth building assets, Working Power develops a replicable and scalable financial model that decarbonizes the atmosphere and empowers local communities through direct ownership of climate resilient and environmentally just community energy assets.
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About Amalgamated Bank
Amalgamated Bank (“Amalgamated” or the “Bank”), the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Since our founding in 1923, Amalgamated Bank has served as America’s socially responsible bank, empowering organizations and individuals to advance positive social change. Amalgamated Bank advocates alongside those working to make the world more just, compassionate, and sustainable. Amalgamated Bank is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission, we are on a mission to advance economic, social, racial and environmental justice utilizing the tools of finance. For more information, please visit our website at www.amalgamatedbank.com.
About Urban Ingenuity:
Urban Ingenuity (UI) is a developer, financier and owner of clean energy infrastructure at both the building and community scale. UI unites project finance, energy analytics, and public policy knowledge to deploy private capital into innovative renewable energy and resilient energy efficiency projects. Through its advisory work on microgrid systems, and its solar project development efforts with affordable housing owners and nonprofit organizations, UI has overseen, advised, and directly invested in approximately $100 million in equitable clean energy assets. WorkingPower.com builds on UI’s deep experience with developing and financing cooperatively owned community solar projects. UI has developed more than 10 MW of solar with non-profit, faith based, and community led organizations. UI also successfully developed launched, and administered the Washington DC Property Assessed Clean Energy (DC PACE) financing program, a leading municipal clean energy finance program, with over $76 million of clean energy project debt financings completed within the District of Columbia.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this press release are ‘‘forward-looking statements’’ within the meaning of the federal securities laws. Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation, adverse effects on the market price of our shares and on our operating results because of our inability to timely complete, if ever, the environmental goals described in this release; our ability to fully realize the general economic and business conditions that may affect us in connection with completing environmental goals; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions and the impact of the completion of the environmental goals on our employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, expectations or goals will be achieved. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Securities and Exchange Commission (“SEC”), as updated in the Company’s Quarterly Reports on Form 10-Q, and as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Jacobson Strategic Communications