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May 7, 2015

Bank of America Curbs Financing of Coal Industry after Years of Activist Pressure 
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The financial giant Bank of America has announced it's cutting off
financing to companies involved in coal mining. Speaking at an annual
shareholders meeting, Corporate Social Responsibility executive Andrew
Plepler said the firm will "reduce our credit exposure, over time, to
the coal mining sector globally." The move comes under a new policy that
says: "As one of the world’s largest financial institutions, the bank
has a responsibility to help mitigate climate change by leveraging our
scale and resources to accelerate the transition from a high-carbon to a
low-carbon society." The change follows years of activism targeting Bank
of America for its leading role in funding the coal industry, including
the controversial practice of mountaintop removal coal mining. The
Rainforest Action Network, which has led the activism campaign, said:
"Today’s announcement from Bank of America truly represents a sea
change: it acknowledges the responsibility that the financial sector
bears for supporting and profiting from the fossil fuel industry and the
climate chaos it has caused."

 

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