Is Amalgamated Bank’s rhetoric on green energy and sustainability just an attempt at greenwashing its oil investments?
Just a few weeks ago, Labor Pains touched on the irresponsible financial decisions that threaten Amalgamated Bank’s existence and now it seems the Bank has gone back to some of its favorite investments for comfort – fossil fuels.
Amidst a volatile stock price and a Wall Street Journal piece that noted the Bank is not on firm financial footing, the Bank appears to have significantly increased its holdings in two of the largest fossil fuel companies in the first quarter of 2023.
America’s only “socially responsible bank” increased its holdings in Exxon Mobil and Chevron Co. by 11.6% and 12.6%, respectively. Investing in clean energy still seems to be the last concern for Amalgamated Bank, which now has nearly 2% of its total investment portfolio held in two of the biggest fossil fuel producers in the world.
This couldn’t contrast more with the statements the Bank has been making on its Twitter account:
Although the Bank claims to fervently support investing in sustainable energy, it appears that with its financial future on the line they have decided the only “sustainable” investment it can count on is its ever-increasing holdings in some of the largest fossil fuel companies.
This certainly appears to be an attempt at greenwashing – a marketing attempt to promote a sense of environmental impact that simply does not exist.
View our previous post on all the hypocritical investments made by Amalgamated Bank.