New York’s Ponce Financial Group has established an Environmental, Social and Governance (ESG) Committee to oversee and improve the company’s responsible investment initiatives.
Its first act was to adopt an ESG charter and policy to inform and guide the organisation’s approach to ESG issues, starting with its energy consumption.
In a statement, the company said it would assess its energy infrastructure “to develop greener and bigger results while optimizing saving measures”. In addition, Ponce will undertake a “Energetic audience” fill any gaps in its approach.
The new ESG Committee is made up of members of the management team and reports to Ponce’s Board of Directors. It is led by Frank Perez, Director of Investor Relations.
The committee is currently conducting an ESG survey “assessment of materiality” assess how the group can adapt its strategy to meet its ESG priorities.
Carlos Naudon, President and CEO, said the new approach to ESG would benefit Ponce’s strategy and risk management, while improving “Stakeholder Loyalty”.
“We strongly believe that the ESG initiative will strengthen our ability to assess short- and long-term opportunities and risks,” he said. “We are keenly aware that the populations we serve – underbanked and underserved – are increasingly affected by climate change and socio-economic developments.”
Perez added that the work of the committee would be “generate meaningful goals for our company and all of its employees”.
Separately, New Jersey-based Valley National Bank has partnered with the Community Preservation Corporation (CPC) to offer up to $100 million in loans supporting ESG initiatives such as reducing carbon emissions and green building practices.
The partnership’s first loan was finalized on August 9, lending $1.9 million to finance a 12-unit apartment building in Geneva, New York.
Christopher Coiley, head of Valley Bank’s commercial real estate lending group, said CPC was “the ideal partner” to ensure that the bank can sustainably support its communities.
“We will continue to work with aspiring and innovative entrepreneurs who positively impact the local community and help us create a more sustainable future for all,” Coiley added.
CPC President Sadie McKeown added: “With such widespread influence over the economy and the state of our housing stock, the lending industry has a tremendous opportunity to take the lead in advancing practices and policies that improve financial and physical quality and sustainability of the buildings and communities in which we live. and the work.”