The SEC’s climate risk disclosure proposal lays the foundation for what investors need to know to manage risks from a rapidly and dangerously altered climate. As a financial institution, we understand the complexities of these issues and are in full agreement with the Commission that we are way beyond the time of leaving investors and their clients in the dark when it comes to climate risk.
(New York, NY; Washington, DC) March 21, 2021 – Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) and a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social change, today released a statement from Ivan Frishberg, Chief Sustainability Officer, on the Security and Exchange Commission vote to approve a proposal for climate-related risk disclosures.
“Evaluation and disclosure of climate risk to investors is central to the work of companies and investors the world over. Amalgamated Bank is proud to have led the banking and investment management community in the development and adoption of the global Standard for measuring and disclosing scope three or financed emissions.
The SEC proposal is consistent with both the market and regulatory actions being taken in the US and around the world and lays the foundation of what investors need to manage risks of a rapidly and dangerously altered climate.
The inclusion of full emissions reporting by companies is a cornerstone of this proposal and we look forward to diving into the details of the proposal and participating in the comment process to address the questions and discussions raised by the commission. We applaud Chair Gensler, his colleagues, the staff and the investor community that have worked diligently and with purpose in this process. As a financial institution that already discloses financed emissions across our lending portfolio, we understand the complexities of these issues and are in full agreement with the Commission that we are way beyond the time of leaving investors and their clients in the dark when it comes to climate risk.”
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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.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this press release are ‘‘forward-looking statements’’ within the meaning of the federal securities laws. Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation, adverse effects on the market price of our shares and on our operating results because of our inability to timely complete, if ever, the environmental goals described in this release; our ability to fully realize the general economic and business conditions that may affect us in connection with completing environmental goals; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions and the impact of the completion of the environmental goals on our employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, expectations or goals will be achieved. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Securities and Exchange Commission (“SEC”), as updated in the Company’s Quarterly Reports on Form 10-Q, and as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.