America's socially responsible bank aligns with 1% for the Planet’s mission to accelerate smart environmental giving.
BURLINGTON, VT , JUNE 27th, 2023 -- 1% for the Planet, a global organization that exists to ensure our planet and future generations thrive, announced today that it has recently moved its primary banking relationship to Amalgamated Bank, America's socially responsible bank. 1% for the Planet will use Amalgamated’s services to handle its day-to-day banking needs.
“We are proud to join forces with Amalgamated, an organization with a deep commitment to climate justice and a history of addressing a range of issues – from immigrant and reproductive rights to racial justice and LGBTQ+ rights – with bold solutions,” said 1% for the Planet CEO Kate Williams. “By partnering with the Bank, we ensure that our deposits will be put to work in ways that support our mission to create a healthier planet for all."
Investments and cash held in banks are a significant source, and sometimes the largest source, of emissions for companies, according to The Carbon Bankroll, a new report that analyzes the climate impact of companies’ banking and investment practices. The report underscores how for many companies and organizations, their climate work is being undermined by their banks, which are collectively channeling hundreds of billions of deposit dollars into the carbon-intensive sectors driving the climate crisis and generating substantial emissions in the process. However, subsequent research by the report authors demonstrates that we are not resigned to this fate of passive, emissions-intensive banking. In fact, companies and organizations can reduce the emissions enabled by their banking by up to 94%, just by moving to a green bank like Amalgamated Bank.
"At 1%, we understand that impact that can be generated by every dollar, whether it is donated by our members to environmental nonprofits or deposited in a bank. That's why we felt it was so important for us to build a relationship with a bank like Amalgamated Bank, which stewards our deposits in a way that aligns with the great work our member businesses and nonprofits are doing," said Williams.
In welcoming 1% for the Planet to Amalgamated, Priscilla Sims Brown, the Bank's President and CEO, said, "We are honored that Kate and her team have selected our Bank as their primary financial institution. Their leadership has empowered business and nonprofit partners to work together in the fight for social and environmental justice. Together with other non-profit groups and progressive organizations that are choosing to bank with us, we can take collective action to build a just, clean climate future for all."
About 1% for the Planet
1% for the Planet is a global organization that exists to ensure our planet and future generations thrive. We inspire businesses and individuals to support environmental partners through membership and everyday actions. We make environmental giving easy and effective through partnership advising, impact storytelling and third-party certification. Started in 2002 by Yvon Chouinard, founder of Patagonia, and Craig Mathews, founder of Blue Ribbon Flies, our business members have given hundreds of millions of dollars to our approved environmental partners to date. Today, 1% for the Planet’s global network consists of thousands of businesses, individuals and environmental partners working toward a better future for all. Look for our logo to purchase for the planet, learn more and join at www.onepercentfortheplanet.org.
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.
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