New York-based Amalgamated Bank has supported Almika Renewable Finance, a residential solar energy company, as it launches a suite of financial services and strengthens its platform offering in the energy market.
Almika’s platform provides renewable energy users with access to utility bills, clean energy financing and other features through a single portal. It is designed for those installing solar power and energy storage systems.
Amalgamated’s investment will allow Almika to further develop its offering, while contributing to the bank’s goal of achieving net zero carbon emissions by 2045. The bank launched this goal in October this year. and aims to eliminate emissions from its financing and operating activities.
By 2030, Amalgamated aims to reduce its emissions by 49%. In October, the bank said it was the first in the United States to set “full portfolio goals” in accordance with the guidelines established by the Net Zero Banking Alliance of the United Nations. Amalgamated was a founding member of the alliance when it was announced in April 2021, ahead of the COP26 climate conference.
“Almika and Amalgamated share the same goal of reducing greenhouse gas emissions”, said Priscilla Sims Brown, President and CEO of Amalgamated Bank. “By making a strategic investment in clean solar energy, Amalgamated will tap into a growing market and accelerate our efforts to mitigate climate change.
Amalgamated bills itself as a leading socially responsible bank and stopped lending to fossil fuel companies in 2016.
Increasingly, banks and other financial services companies are targeting renewable energy projects to bolster their green credentials. In November, California-based Silicon Valley Bank announced it would commit at least $5 billion in loans, investments and other financial support to sustainability efforts over the next five years.
According to the bank, this commitment will support companies that are working to decarbonize the energy and infrastructure sector and accelerate the transition in all sectors of the economy.
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