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Amalgamated Bank Commits to Net Zero Targets by 2045
Report details plans to eliminate emissions in financing and operational activities, becoming the first U.S. bank to set targets aligned with science under
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"Report details plans to eliminate emissions in financing and operational activities, becoming the first U.S. bank to set targets aligned with science under the guidelines of the UN Net Zero Banking Alliance\nNEW YORK and WASHINGTON, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) a mission-driven full-service commercial bank that empowers organizations and individuals to advance positive social change, today announced formal targets to achieve 49% reductions in 2030 and net zero greenhouse gas emissions in its financing and operations by 2045—five years ahead of the 2050 global deadline for net zero emissions, as stated by the UN Intergovernmental Panel on Climate Change. Amalgamated Bank is the first US bank to set full portfolio targets under the guidelines of the UN Net Zero Banking Alliance and is taking a rigorous approach to climate science aligned target setting. Published just ahead of the global climate summit in Glasgow, Amalgamated Bank’s targets are summarized in a new report that details the core strategies and assumptions behind the targets, including client engagement, new streams of finance and expectations for public policy. The Bank will also host a virtual panel discussion on November 1, 2021 to further elaborate on the goals and plans described in the report. “Climate finance requires a global movement, which is why Amalgamated Bank has taken significant action by leading global economic initiatives and investments in sustainability,” said Priscilla Sims Brown, President and CEO of Amalgamated Bank. Ivan Frishberg, Chief Sustainability Officer added, “Our Net Zero Climate Targets Report outlines our plan for how we expect to build and align with a climate safe future. The foundation of this work is a plan to measure our impact, to set targets that guide our business and the impact we have in the world, and to be transparent about what this will mean. Our climate work is technical and strategic, but it also honors the heritage of those who work for the future. We are excited to embark on this work, engage with clients to realize our goals, and communicate our progress to our valued stakeholders.” Report Highlights: Amalgamated Bank’s detailed plan to achieve net zero emissions by 2045 without the use of portfolio or client level offsetsIntermediate...