Amalgamated Bank

Why it's on ClimateTicker

Amalgamated Bank is the most credibly climate-aligned commercial bank in the US, having been the first to exit fossil-fuel finance (2016), the first to have SBTi-validated net-zero targets (2022), and the first to set full portfolio targets under the UN Net Zero Banking Alliance — with independently tracked progress showing climate solutions lending at 39.6% of its portfolio and on-track absolute emissions reductions in 3 of 4 asset classes. The core banking business genuinely redirects capital away from fossil fuels and toward clean energy, unions, and nonprofits, making this a rare case where the climate thesis matches the underlying loan book. The primary caveat is a modest credit-card partnership with FNBO (which does service fossil fuel companies) and an ongoing employee discrimination lawsuit that tests its social-pillar credibility.