Amalgamated Bank Announces Climate-Related Lending Data
Consumers should know how their financial institutions are investing their deposited dollars and ensure that it aligns with their values. Not only does Amalgamated Bank provide ESG investing options for our clients, but we also support our mission with a climate-focused lending strategy.
(New York, NY; Washington, DC) April 22, 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 change), released data today on its climate-related lending with 31% of loans in 2021 going to climate solutions.
“Consumers should know how their financial institutions are investing their deposited dollars and ensure that it aligns with their values’’, said Ivan Frishberg, chief sustainability officer of Amalgamated Bank. “Not only does Amalgamated Bank provide ESG investing options for our clients, but we also support our mission with a climate-focused lending strategy.”
Amalgamated Bank’s lending for climate solutions encompasses funding for the full range of climate adaptation investment, especially funding to power growth in solar energy and energy efficiency. Residential and commercial buildings contribute to 40 percent of all energy use and greenhouse gas emissions. Amalgamated Bank’s climate-focused lending strategy empowers homeowners and businesses to lower their carbon footprint and move our society to net zero.
The first U.S. bank to set full portfolio targets under the guidelines of the U.N. Net Zero Banking Alliance of 49% reductions in 2030 and net zero greenhouse emissions in its financing and operations by 2045, Amalgamated Bank was also the first to receive approval of the targets by Science Based Targets initiative (SBTi). The Amalgamated Bank targets are absolute emissions targets and do not rely on offsets. Amalgamated Bank’s full net zero report can be read here
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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.
Jacobson Strategic Communications