Dear Friend, Green America brings you the following from Amalgamated Bank, a certified Green Business Network member. What’s hiding in your portfolio? Greenwashing in the financial services industry has become all too common. Some of the largest investment managers created new “Socially Responsible Investment” products in the last year which now has them ranked among the largest “ESG” (Environmental, Social, Governance) investment managers in the market. However, most, if not all, of these products do not meet the strict screens for sustainability and fossil fuel divestment that Amalgamated Investment Services employs for our clients. As a result, many individuals and organizations have sought out expertise to review their existing investments in the hope of better reflecting their values in their portfolio. With our history of specializing in the construction of non-extractive portfolios, we are uniquely positioned to support clients on their journey toward more comprehensive values alignment. Our process not only strictly screens out and divests from fossil fuels, but also incorporates investments in sustainability-focused companies/industries that support green initiatives and make a tangible impact in local communities that have historically been left behind. In our experience, the environmentally detrimental investments we have found “hiding” in our clients’ existing portfolios has been staggering. Recently investors poured about $1.25 billion in one day into a new “ESG” Exchange Traded Fund (“ETF”) that focuses on the carbon transition, immediately making it one of the largest ESG ETFs on the market. Buried in its filings of stock ownership are investments in Chevron and various other climate destroying pipeline companies. (1) Equally disturbing, the largest and most widely held ESG ETF on the market has 14 oil and gas holdings, 6 of which are in the Carbon Underground 200. (2) The sad part is that this is only the tip of the iceberg. In many cases investors were trying their best to avoid these environmentally destructive companies but were lulled in by sleek marketing campaigns to support the finance industry’s disregard for effecting positive climate impact. (3) It should be clear to all that climate change needs to be addressed immediately. The death and destruction from Hurricane Ida to wildfires in Lake Tahoe highlight the unassailable fact that a drastic and rapid response is needed. We view withholding dollars from bad actors as one of the best methods to effect change quickly. Here at Amalgamated we specialize in assisting clients with negotiating the ever-changing ESG investment landscape. Part of our commitment to the divestment movement is that we offer a “Values Alignment Check” that can serve to ensure that your values are accurately reflected in your investments. Click here to learn how to align your investments with your values We need to hold the institutions and the investments managers that we entrust with our money to a higher standard. You can make an impact by joining the global movement to truly divest from fossil fuels and to spur social justice. Amalgamated Investment Services shares your values of a sustainable energy transition. As a leader and innovator in the progressive finance sector, we are uniquely equipped to assist you in achieving deep alignment between your values and your investment portfolio. If you, or your family, would like to join the movement by divesting from fossil fuels and supporting more sustainable and equitable companies, please do not hesitate to visit our site and learn more about the 100% Fossil Fuel Free Portfolios. By providing your contact information, you will also receive their latest Fund Manager Spotlight featuring the great work being done by Community Capital Management around COVID relief efforts and supporting communities of color. Sincerely, | 
