Rainforest Action Network campaigns to break America’s oil and coal addictions, protect endangered forests and Indigenous rights, and stop destructive investments around the world through education, grassroots organizing, and nonviolent direct action.
At Deutsche Bank's shareholder meeting in May, the bank finally announced an end to its support for mountaintop removal mining (MTR). The bank had been the largest banker behind the controversial practice. Two months previously the bank announced an incremental phase-out of its MTR finance, without any timescales, which was criticised as inadequate by campaigners. The move follows years of campaigning from BankTrack alongside urgewald, Rainforest Action Network and others.
21 ethical banks pledge to stay away form coal & 9 coal banks take first steps
BankTrack launched the Paris Pledge campaign in the summer of 2015, calling on all banks to end coal financing ahead of the crucial Paris climate summit in December that year. By the time of the summit, 169 organisations and more than 10,000 individuals around the world had supported the pledge, all sending one simple message to banks: It is time to quit coal. In total, 21 small and ethical banks signed up to the Paris Pledge - all reaffirming their commitment to stay away from coal financing in any shape or form. Nine international banks also took their first steps out of coal over the course of the campaign, although these fell short of the pledge needed to quit coal entirely.
Bank of America and Crédit Agricole become first major banks to dump coal mining!
In May, Bank of America and Crédit Agricole became the first major banks to announce plans to stop financing coal mining. First, Bank of America unveiled a new global coal mining policy committing to reduce exposure to coal mining companies across the board. The policy change came after four years of campaigning from Rainforest Action Network and other groups. Then Crédit Agricole announced at its AGM that it would end its support for this sector. These announcements marked a hugely significant win in the fight against coal finance in general.
Barclays, ING, PNC pull back from Mountaintop Removal
In 2015, US bank PNC, UK bank Barclays and Dutch bank ING all announced new commitments to cut finance for the controversial practice of mountaintop removal (MTR) coal mining. These banks join JPMorgan Chase, Wells Fargo, RBS, BNP Paribas, and UBS - banks that have already committed to cut ties with firms that specialize in mountaintop removal.
More US and European Banks step back from Mountaintop Removal
In 2013, BNP Paribas pledged to cut financing for top producers of mountaintop removal coal. In spring 2014, JPMorgan Chase updated its environmental policy committing to aggressively reduce its financing relationships with mountaintop removal coal mining companies. And in April 2014, Royal Bank of Scotland followed suit, updating their environmental policies to prohibit financing to companies who are "significant producers of coal using mountaintop removal (MTR) mining in Appalachia."
Coal India Limited's attempt at a public share issue was successfully blocked in late 2013. The Indian government, the company's majority shareholder, hoped toraise USD 3 billion through the sale of 10% of its stake in the world's largest coal miner. Banktrack was part of a coalition of groups including Greenpeace, Rainforest Action Network and urgewald that pressured the banks underwriting the share offer (Deutsche Bank, Credit Suisse, Bank of America and Goldman Sachs) for their involvement with a company with a notorious environmental and human rights record. Read more [external link].
Wall Street turns its back on Mountaintop Removal coal mining
After sustained campaigning by RAN, eight of Wall Street's biggest banks have developed public policies limiting their appetite for investment in mountaintop removal (MTR) coal mining. By 2011, MTR policies or statements had been
released by banks including Credit
Suisse, JP Morgan Chase, Morgan Stanley and Wells Fargo, PNC bank and UBS.
The policies were assessed by RAN in the 2011
MTR report card. RAN and others continue to scrutinize implementation of these policies.
Jun 27, 2012 - Bank of America can't be a green leader as long as it’s underwriting climatechange
Daring action calls out Bank of America for what it is: Bank of Coal
May 24, 2012 - RAN organizer Todd Zimmer explains why five climbers scaled Bank of America Stadium in Charlotte, NC to hang a banner reading "Bank of Coal" ahead of BofA's annual shareholder meeting on May 9, 2012.
Climate Activists Target Bank of America
Dec 15, 2011 - Climate activists with Rainforest Action Network's Not One More Dollar For Coal campaign deployed banner reading "Not With Our Money" atop flagpoles at the front entrance to Bank of America's corporate headquarters in Charlotte, North Carolina on November 15, 2011. Meanwhile, activists who had marched from Occupy Charlotte blockaded the front entrance to the building and rallied outside.
Chicagoans Close their Bank of America Accounts
Dec 15, 2011 - Bank of America has been the target of Rainforest Action Network for the bank's multi-billion dollar support of the coal power industry. Locals in the Pilsen neighborhood of Chicago, who have suffered from the pollution of the Fisk plant, are suggesting that people fight back by closing their Bank of America accounts.
Wild & Scenic Film Fest Media Lounge - Rebecca Tarbotton, Rainforest Action Network
Mar 29, 2011 - Rebecca Tarbotton, former executive director of Rainforest Action Network, stars in the documentary "Dirty Business" directed by Peter Bull. Rebecca sits down with See Jane Do's Jesse Locks to discuss the nation's dependency on coal and what we can do to end it.
Hijacking PNC Bank
Dec 13, 2010 - Reverend Billy and his followers hijack a PNC office in Washington, urging PNCBank to stop financing mountaintop removal coal mining in the Appalachia mountains.
Demonstration against JPMorgan Chase in Manhattan
Jun 08, 2010 - Rev. Billy and his choir literally brought the muddy devastation of Appalachia to Chase offices in Manhattan
JP Morgan Chase client discussing her account with a Chase banking official
Jun 08, 2010 -
Brant Olson about RAN and BankTrack
May 19, 2010 - Video shot during the BankTrack annual meeting in Zuerich, January 2010.
RBC Awarded Most Environmentally Irresponsible Company
Jan 31, 2010 - The 2010 Public Eye Award named RBC the year's most environmentally and socially irresponsible company. RANs Brant Olson is accepting the award for RBC as the banks representatives declined to attend the ceremony.
Marie Gunnoe Speaks out about Flooding
Jul 06, 2009 - Goldman "Enivironmental Nobel" Prize winner, Marie Gunnoe, describes the flooding at her home in Bob White, West Virginia, as a direct result of Mountain Top Removal.
Wise Up Dominion
Nov 05, 2008 - RAN joins its Appalachian allies to demand a clean energy future in Wise County, Virginia.
Demonstration at Citi AGM, 22 April 2008
May 08, 2008 - Demonstration against the involvement of Citi Group in financing mountain top removal coal mining
RAN Action at Citibank in Washington DC
Nov 07, 2007 - RAN action protests against Citibank's coal investments on November 5, 2007.