Washington, D.C. – May 2, 2024 – Partners for the Common Good (PCG) is proud to announce the release of its 2023 Social Impact Report, highlighting significant progress in advancing economic justice and empowering disadvantaged communities across the United States and globally. In 2023, PCG provided 25 loans, totaling $28.6 million, benefitting more than 35,000 individuals, 92% of whom earned less than 80% of the Area Median Income (AMI), and 63% of whom were from BIPOC communities.
Empowering Communities Through Financial Inclusion PCG's mission to serve low-income communities was amplified through strategic partnerships, leveraging more than $240 million from other mission-driven financial institutions and traditional lenders. These collaborations enabled PCG to support 35 projects across severely distressed census tracts, including Persistent Poverty Counties and Qualified Opportunity Zones, creating life-changing opportunities in areas where poverty rates and unemployment exceed the national average.
Supporting Affordable Housing PCG’s focus on affordable housing development was a key driver in 2023, financing 1,940 rental units, with 93% designated for low-income families. PCG also promoted homeownership for low-income households, originating three loans totaling $4.2 million to build or renovate affordable homes. One initiative, HOME Rochester, has revitalized over 775 homes since 2010, facilitating homeownership for low-income buyers in Rochester, New York.
Investing in Social Services and Education PCG extended support to vital social service organizations, including a $9 million loan to South Bay Community Services, enabling the construction of a new headquarters to serve 10,000 individuals at risk of homelessness in San Diego County. Additionally, PCG expanded its education portfolio, financing three charter schools that primarily serve low-income and BIPOC students.
Advancing Environmental Sustainability In 2023, over 50% of PCG’s loan portfolio incorporated green practices, financing energy-efficient projects and supporting sustainable initiatives like the Green Era Anaerobic Biodigester in Chicago. PCG also partnered with the National Housing Trust to install solar panels across 2,249 housing units, advancing the transition to carbon-free energy in affordable housing.
Global Impact PCG’s commitment to international development continues, with new investments in eco-friendly cook stoves for households in Ethiopia and Eritrea, reducing reliance on fuelwood and promoting environmental sustainability.
Tsunamis are some of the most awe-inspiring and devastating natural phenomena on Earth. These massive ocean waves are not caused by winds, like ordinary waves, but by powerful disturbances beneath the sea, such as earthquakes, volcanic eruptions, or underwater landslides. The sudden displacement of water creates a series of waves that can travel at speeds of up to 500 miles per hour, crossing entire ocean basins in mere hours.
One of the most fascinating aspects of tsunamis is their behavior. In the deep ocean, a tsunami wave may only be a few feet high and can go unnoticed by ships. However, as the wave approaches shallower coastal waters, it slows down and grows dramatically in height, sometimes reaching up to 100 feet or more. This process, known as wave shoaling, is what makes tsunamis so dangerous when they reach populated shorelines.
Tsunamis are often preceded by natural warning signs. These include a sudden withdrawal of water from the shoreline (as if the sea is retreating), unusual animal behavior, or a noticeable ground tremor. Recognizing these signs is critical for survival, as tsunamis can strike within minutes of a triggering event, leaving little time to react. Many coastal regions now have tsunami warning systems that use seismic data and sea-level sensors to detect and alert people to potential threats.
The impacts of tsunamis can be catastrophic. The immense force of the waves can destroy buildings, sweep away infrastructure, and claim thousands of lives. The 2004 Indian Ocean tsunami, triggered by a massive undersea earthquake, resulted in over 230,000 deaths across 14 countries, highlighting the need for awareness, preparation, and international cooperation in mitigating their effects.
Despite their destructive power, tsunamis also remind us of the ocean’s incredible energy and the interconnectedness of Earth’s natural systems. Advances in technology and early warning systems have improved our ability to predict and prepare for tsunamis, but the best defense remains education. Knowing how to recognize the signs, respond quickly, and plan for the worst can save countless lives.
By understanding tsunamis and respecting their power, we can better protect ourselves and appreciate the dynamic planet we call home.