New York-based Amalgamated Bank is increasing its customer numbers as it moves away from lending to or investing in companies that cause climate change. The bank said on Wednesday that it would increase the number of customers who use a debit card for their monthly payments by 50 percent and will also stop offering credit cards with fees associated with them. Investors are offered portfolios free from coal, oil and gas companies, as well as fossil fuel-reliant utilities.
New York-based Amalgamated Bank is increasing its customer numbers as it moves away from lending to or investing in companies that cause climate change. The bank does not finance fossil fuel projects and has increased lending to renewable energy and energy efficient projects, said sustainability chief Ivan Frishberg. Investors are offered portfolios free from coal, oil and gas companies, as well as fossil fuel-reliant utilities.