Climate change is a human-made crisis of which the biggest impacts are felt by Black, Indigenous, and People of Color primarily in the Southern U.S. and Global South. Banks play a critical role in curbing climate change, as the transition away from fossil fuels will require significant financial resources. The climate crisis must be urgently addressed with bold solutions centering on first and worst and by transitioning to a just, clean economy.
- Global leader of the Partnership for Carbon Accounting Financials, which measures the carbon footprint of bank loans and investment assets
- Endorsement of the Collective Commitment to Climate Action, which is a UN sponsored effort to help facilitate the economic transition necessary to achieve climate neutrality
- We are one of four U.S. banks to join the Net Zero Banking Alliance
- First to endorse and one of three U.S. banks to sign the UN Principles for Responsible Banking
- First bank to endorse SBTI
- We supported the Build Back Better Act to accelerate America’s transition to a clean-energy and climate-safe future
- Pledged to not lend to fossil fuel companies
- 32% of loan portfolio goes to climate solutions
- We continue to expand our solar project lending portfolio and PACE financing programs, enhancing the climate benefits of our lending practices
- Announced a $15 million loan to Inclusive Prosperity Capital, Inc. (IPC) making new capital available to fund climate initiatives benefiting underserved market segments and communities
- In 2020, we built on our commitment to curb climate change through funding a combined $893M in new Climate Protection loans and investments—resulting in a 63% increase in this segment year over year
- Launched ResponsiFunds, a suite of six ESG investment products, including a thematic portfolio centered on investments in climate leadership
- Launched the Fossil Fuel Free investment product for consumer and commercial clients
- Through the Amalgamated Foundation, donated $9 million for climate justice and the environment in 2020
- Published our Net Zero Climate Targets, validated by Science Based Targets initiative (SBTi), becoming the first U.S. bank to do so
- Achieved four years of net zero operations (and counting!)
- We measure and disclose full scope GHG emissions, including scope 1, 2 and 3 emissions
- In 2020, purchased carbon offsets to support the Garcia National Forest, a sustainable working forest that saves wildlife habitats, improves water quality, and preserves the traditional economic base of the local community
- We utilize 100% clean energy for our offices where available
- Awarded the Best Bank in North America for CSR by Euromoney in 2019
- B Corp certification ensures that we are meeting high standards of social and environmental performance, accountability, and transparency
- We publish annual financed emissions using the PCAF methodology
- Committed to aligning all our business practices with the Paris Climate Accords
- Dedicated and active Green Team that is constantly working to make the Bank’s actions more sustainable through policies and procedures across business lines
committed to renewable energy
donations to progressive causes and nonprofits
Putting our mission into action
Please read Ivan Frishberg’s letter, Director of Impact Policy at Amalgamated Bank, to ShareAction, outlining the details of Amalgamated’s work which demonstrates the leadership and action commensurate with the scale of the climate risk before us.
Today, Amalgamated Bank announced its endorsement of HR 40, which is calling upon the Federal Government to form a Commission to explore reparations for African Americans. As of now, we are the first major U.S. bank to endorse HR 40, but are hopeful we are not the last.
Amalgamated Bank was founded almost 100 years ago to create a diverse, inclusive, and egalitarian community for labor workers. These tenets of our founding are elevated again today as we proudly announce that the Human Rights Campaign Corporate Equality Index (HRC CEI) has designated Amalgamated Bank “One of the Best Places to Work” in 2021.