Amalgamated Bank First United States Bank to Receive Approval of Net Zero Targets
Amalgamated Bank is a leader in climate action and advocacy for transformative activities and policies across the banking sector. SBTi’s validation of our net zero targets demonstrates that positive change is possible, and we hope to see other banks take action.
(New York, NY; Washington, DC) March 10, 2021 – 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, today announced approval by Science Based Targets initiative (SBTi) of its net zero targets.
The first bank in the United States to receive such confirmation, Amalgamated Bank was also 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. 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 https://www.amalgamatedbank.com/net-zero.
“Amalgamated Bank is a leader in climate action and advocacy for transformative activities and policies across the banking sector,” said Priscilla Sims Brown, president and CEO of Amalgamated Bank. “SBTi’s validation of our net zero targets demonstrates that positive change is possible, and we hope to see other banks take action.”
Added Ivan Frishberg, chief sustainability officer, “The conversation the past few years has been all about commitments and as the recent IPCC (Intergovernmental Panel on Climate Change) report showed, time is not on our side and the need for aggressive measures is now. We are proud to deliver on our socially responsible mission with these targets and know that there is much more to be done.”
SBTi conducted a targeted validation process using established metrics that define and promote best practices in emissions reductions. Targets are considered “science-based” if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Climate Agreement.
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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 the Science Based Targets initiative
The Science Based Targets initiative mobilizes companies to set science-based targets and boost their competitive advantage in the transition to a zero-carbon economy. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
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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.