(New York, NY; Washington, DC) June 30, 2022 - In response to today’s Supreme Court Ruling on West Virginia vs. EPA, Amalgamated Bank has issued the following statement:
Today, the U.S. Supreme Court created a significant hurdle for America’s ability to fight climate change. In limiting the authority of the Clean Air Act and the Environmental Protection Agency to regulate carbon pollution, the court has weakened a crucial tool to protect public health and fight climate change. Amalgamated Bank opposes the court’s decision and stands firm in our commitment to act on the climate crisis. We are proud of our efforts to fund climate solutions, to follow the science and reduce the emissions of our loans and investment portfolios, and never to lend to fossil fuel companies. We are also proud to support the Security and Exchange Commission’s proposed rulemaking on climate disclosure, an important area where federal leadership on climate change can continue.
“For almost 60 years the Clean Air Act has provided our communities with the tools to combat dangerous pollution,” said Ivan Frishberg, Chief Sustainability Officer for Amalgamated Bank. “In today’s ruling, the Court has undermined basic protections that are so critical and have served this country so well. Today’s decision makes it even more important for the private sector to step up to the plate for climate action.”
As one of the first U.S. banks to set full portfolio targets and the first to have those targets approved by SBTi, Amalgamated Bank has a long history of social responsibility, with climate change as one of its core focuses. Under the guideline of the U.N. Net Zero Banking Alliance, Amalgamated Bank set targets of 49% reductions in 2030 and net zero greenhouse emissions in its financing operations by 2045, five years ahead of the 2050 global deadline for net zero emissions as stated by the U.N. Intergovernmental Panel on climate change. Amalgamated Bank has advocated for transparency, standard regulatory guidance, and transformative activities throughout the banking industry.
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