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Amalgamated Bank Becomes First U.S. Bank to Endorse UN Principles for Responsible Banking
As America’s socially responsible bank, Amalgamated has always believed in our responsibility to act as a force for good in society. That is why we are so proud to be the first U.S. bank to endorse the UNEP FI Principles for Responsible Banking, which provide a valuable framework for our industry to work together towards a healthier, more sustainable society.
NEW YORK, April 25, 2019: Amalgamated Bank (Nasdaq: AMAL) today announced that it has endorsed and committed to aligning its business to the United Nations Environment Programme Finance Initiative’s Principles for Responsible Banking, making it the first U.S.-based bank to do so. The Principles for Responsible Banking are designed to provide a framework for a sustainable banking system of the future and help the banking industry demonstrate how it can make a positive contribution to society.
As the first U.S. bank to endorse the framework, Amalgamated joins 49 banks from around the world that have endorsed the Principles. In doing so, Amalgamated has committed to align its business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals (SDGs) and the Paris Climate Agreement. Amalgamated will set targets in accordance with these frameworks and will report publicly on its positive and negative impacts and contributions to society.
This endorsement is a continuation of Amalgamated Banks’s leadership in social responsibility and sustainability. Amalgamated is a Certified B Corporation, and a member of the Global Alliance for Banking on Values (GABV). In October 2018, Amalgamated announced a commitment to measure, report, and align all of its lending with the Paris Climate Agreement. Additionally, in March, Amalgamated launched the Climate Change Commitment, in which 27 fellow GABV member banks joined Amalgamated to contribute to the effort of monitoring the carbon impact of their portfolio loans and investments.
Keith Mestrich, the President and CEO of Amalgamated Bank, said: “The issues facing our society and our planet are simply too important for our industry to ignore. As America’s socially responsible bank, Amalgamated has always believed in our responsibility to act as a force for good in society. That is why we are so proud to be the first U.S. bank to endorse the UNEP FI Principles for Responsible Banking, which provide a valuable framework for our industry to work together towards a healthier, more sustainable society. We hope others in the banking industry will join us in signing on to the Principles, as we work together to actively shape a more just and sustainable future.”
“The Principles for Responsible Banking have been developed jointly between the banking industry and UNEP FI as the framework for a new banking industry that keeps pace with society’s advancing needs towards a more sustainable world,” said Eric Usher, UNEP FI Head. “The role of US banks in shaping and endorsing the Principles is very important, and we are pleased that US banks are now joining more than 50 banks from all parts of the world that have endorsed the Principles.
The six Principles of Responsible Banking are:
- Alignment
- Impact
- Client & customers
- Stakeholders
- Governance & target setting
- Transparency & accountability
Read more about the Principles for Responsible Banking here. Banks and other stakeholders can endorse the Principles here.
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About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated 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 support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.
About the United Nations Environment Programme Finance Initiative
The United Nations Environment Programme Finance Initiative (UNEP FI) is a unique partnership between UNEP and the global financial sector created in the context of the 1992 Earth Summit. Its mission is to promote sustainable finance. Over 200 financial institutions, including banks, insurers and fund managers, work with UNEP to understand today’s environmental challenges, why they matter to finance, and how to participate in addressing them.
Amalgamated Media Contact:
PRinquiries@AmalgamatedBank.com
Principles for Responsible Banking Media Contact:
Jennifer Ferguson-Mitchell
UNEP Finance Initiative
Jennifer.ferguson-mitchell@un.org
+41 (0) 22 291 48 49
