Amalgamated Bank's Statement on the IPCC Report
(New York, NY; Washington, DC) April 4, 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, today released a statement from Ivan Frishberg, Chief Sustainability Officer, on the United Nations Intergovernmental Panel on Climate Change report on rising greenhouse gas emissions and climate change.
“Today’s IPCC report shows we are too far behind in delivering on many corporate and government climate pledges to avoid breaching dangerous levels of climate change. Without a dramatic reduction in fossil fuel use, we are staring down the barrel of global risks to natural and human systems that are likely to ravage communities from fire and flood, deplete clean water, pressure food systems to the breaking point, and devastate biodiversity.
This foretold future does not have to be our destiny. As the IPCC explains, ‘Near-term actions that limit global warming to close to 1.5 Celsius would substantially reduce projected losses and damages related to climate change in human systems and ecosystems, compared to higher warming levels, but cannot eliminate them all.’ We know this will take drastic and immediate action by governments and the private sector to cut global emissions by ending our dependence on fossil fuels and switching to renewable energy sources.
Amalgamated Bank took that step six years ago when we pledged to be fossil-fuel free and ever since we have led efforts to align the industry. We were the first U.S. bank with climate targets validated by the Science Based Targets Initiative.
While we were disheartened by the latest scientific report, our determination to empower organizations and individuals to help solve the most pressing challenge of our time has never been greater. The report released today should increase the pressure for those of us in government and the private sector as well as in our daily lives, to do dramatically more if we are going to meet our commitments and protect the world around us.”
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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.
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.