Banking industry

Officially one year into the COVID-19 pandemic and erratic state-by-state lockdowns, we continue to question what a “new normal” will look like for our country. We know that a return to old ways of doing business isn’t viable for the health of our planet and communities and that we have a responsibility to radically reimagine how we do business. 

Morgan Stanley’s announcement that they are joining the Partnership For Carbon Accounting (PCAF) is evidence of the gradual shift in the banking sector towards meaningful climate action. It is also a big victory for values based banking and for all those clients and customers who have decided to put their money where their values are.

This month we turned 97 years old so we’ve seen our share of up and down times. We’ve navigated through depressions, recessions, world wars, bubbles, artificial highs and some very real lows. But we have never before seen anything like the present.  The COVID-19 virus is having a far-reaching effect, not just on our business, but on our families, our communities and our nation’s financial future.

Does it really matter if a bank is socially responsible?  Who cares what the bank does with your money, just as long as it is there when you need it?  We care. At Amalgamated Bank, we believe banking – and the entire financial sector for that matter – must be responsible for its social and environmental impact. 

Today, we became the first bank in the United States to endorse the United Nation’s Principles for Responsible Banking. The Principles for Responsible Banking provide the framework for the sustainable banking system of the future.