Part of the ongoing commitment to building a more sustainable and equitable future
RYE BROOK, NY, April 19, 2022–(BUSINESS WIRE)–Xylem Inc. (NYSE:XYL), a leading global water technology company dedicated to solving the world’s toughest water problems, today announced a commitment initial to invest $5 million of its available capital in mission-driven financial institutions that empower and transform underserved communities. Initial investments include Bank of Cherokee County (Hulbert, OK), Hope Federal Credit Union (Jackson, MI), Legacy Bank and Trust (Springfield, MO), Self Help Credit Union (FL, NC, SC, VA) among others, through CNote’s Impact Cash™ Platform.
Diversity, equity and inclusion are essential elements of Xylem’s sustainability strategy. Notes Impact Cash provides an easy-to-use, measurable tool to streamline Xylem’s investment with a single interface while maximizing the impact created for underserved communities of color across the United States. The investment specifically targets regions and banks that are significantly aligned with Xylem’s organization and customers, such as areas with a Xylem sales presence, or a large employee base.
This investment advances Xylem’s innovative “green” financing strategy as the company continues to embed economic, social and environmental impact at the center of its operations and business functions. In 2019, Xylem announced an $800 million revolving credit facility with a sustainability-linked pricing mechanism, followed by a $1 billion green bond issuance in 2020. Most recently, in 2021, Xylem added a sustainability cash account linked to its 2025 sustainability goals.
“At Xylem, we have seen firsthand how financial constraints in underserved communities can impact investments in people, businesses and infrastructure,” said Sandra Rowland, Chief Financial Officer of Xylem. “We are committed to doing our part to lead the way in advancing economic opportunity and resilience for those who need it most by working closely with our customers, partners and peers across all sectors and creating a more sustainable and equitable future.
“We are proud to partner with a company that has long held a leadership position in the sustainability and community building industry. Now, Xylem extends its leadership by joining the forefront of companies that are freeing up their balance sheets to promote racial equity and helping communities across the United States thrive,” said Catherine Berman, CEO of CNote.
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure problems through innovation. Our 17,000 diverse employees generated $5.2 billion in revenue in 2021. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and by helping communities in over 150 countries to become water secure. Join us on www.xylem.com.
CNote is a women-led social enterprise and impact platform whose mission is to close the wealth gap through financial innovation. Using the power of technology and a community-driven framework, CNote enables businesses and others to efficiently invest and deposit cash at scale in community financial institutions. It also provides timely reports on the impact of deposits and investments made through its platform. Certified B Corporation, CNote has earned “Best for the World” honors from B Lab and has been named “Best Women-Owned Business” by the United Nations Women’s Empowerment Principles program.
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