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Amalgamated Bank Announces New Initiatives to Advance Commitment to Responsible and Sustainable Banking
September 23, 2019

Amalgamated Bank Announces New Initiatives to Advance Commitment to Responsible and Sustainable Banking

As America’s socially responsible bank, Amalgamated Bank is committed to advancing environmental sustainability through our operations, the clients we partner with, and through participation in collective movements like the UN Principles for Responsible Banking.

Keith Mestrich, the President and CEO of Amalgamated Bank

NEW YORK, September 23, 2019: As part its ongoing leadership in social responsibility and sustainability, Amalgamated Bank (Nasdaq: AMAL) today unveiled a series of major steps in advancing its commitment to a more sustainable world.

  • Amalgamated Bank celebrated the launch of the United Nations’ Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (UNPRB), of which the bank was a Founding Signatory and the first U.S. bank to endorse
  • Amalgamated Bank has united with partners to launch the Collective Commitment to Climate Action, to help facilitate the economic transition necessary to achieve climate neutrality
  • The bank has joined its partners to launch the Partnership for Carbon Accounting Financials (PCAF). Amalgamated Bank President and CEO Keith Mestrich is serving as the Chair of the Steering Committee for Global PCAF

As the first U.S. bank to endorse the Principles, Keith Mestrich represented Amalgamated at the United Nations’ announcement of the Global Launch for the UN Principles of Responsible Banking (UNPRB) in New York on September 22nd, 2019. The Principles were 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 one of the Founding Signatories of the Principles, the Bank has joined a coalition of 130 banks worldwide, representing over USD 47 trillion in assets, in committing to taking on a crucial role in helping to achieve a sustainable future.

“As America’s socially responsible bank, Amalgamated Bank is committed to advancing environmental sustainability through our operations, the clients we partner with, and through participation in collective movements like the UN Principles for Responsible Banking,” said Keith Mestrich, the President and CEO of Amalgamated Bank. “We are proud to join forces with the UNEP FI and our fellow signatory banks to address social and environmental challenges through shared ambitions and accountability.”

Additionally, Amalgamated has joined 30 of its fellow UNPRB bank signatories to launch the Collective Commitment to Climate Action to mobilize products, services and relationships to help facilitate the economic transition necessary to achieve climate neutrality. By joining the Collective Commitment, Amalgamated has committed to publishing and implementing a set of measures, such as the Partnership for Carbon Accounting Financials and setting Science Based Targets, that will support and accelerate the shift towards low-carbon, climate-resilient technologies, business models and societies. The banks in the Collective Commitment will report back annually on their progress towards these goals.

“Amalgamated Bank has long been committed to ensuring that our impact in the world is a positive one. We also know that, by working jointly with others in our industry, we can make our impact that much greater,” said Mestrich. “The Collective Commitment to Climate Action allows our institutions to benefit from shared expertise and capabilities as we each take concrete actions to help achieve climate neutrality. Amalgamated is proud to be a part of this important movement.”

In addition, together with banking partners from around the world, Amalgamated announced the launch of the Global Partnership for Carbon Accounting Financials (PCAF). PCAF is a first-of-its kind global collaboration between banks to collectively develop a shared methodology to measure and disclose the greenhouse gas (GHG) emissions associated with loans and investments. This set of standards for carbon accounting is designed to be accessible for banks and financial institutions around the world, of every size and with investments at every scale. The PCAF partnership comprises more than 50 banks from around the world with assets of more than $3 trillion and is led by ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV) and Triodos Bank.

“PCAF marks an important milestone in enabling our industry to actively combat the effects of climate change. In order for banks to reduce their impact on global warming, we need to be able to measure what that impact actually is. The open-sourced methodology that PCAF provides is a major step forward. Amalgamated is proud to be a part of this first-of-its-kind partnership and we hope to be joined by many more banks in this endeavor,” added  Mestrich.

Read more about the UN Principles for Responsible Banking here and the Collective Commitment to Climate Action here. For more details on PCAF, please visit the website 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.

For more information please contact:

Ivan Frishberg
First Vice President, Sustainability Banking
IvanFrishberg@AmalgamatedBank.com