Probably too soon to tell, but this is promising.
Bank of America Curbs Financing of Coal Industry after Years of Activist Pressure
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."
Bank of America Curbs Financing of Coal Industry after Years of Activist Pressure
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."
