Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
Greenpeace and Rainforest Action Network call out Bank of America for major stake in Coal India deal
Human rights abuses and widespread deforestation overlooked while banking giant aids world’s largest coal mining company
Start
Banks
Dodgy Deals

By: Greenpeace and Rainforest Action Network
2013-09-04
San Francisco

Contact:

Ashish Fernandes, Greenpeace 1 (857) 288-9357, ashish.fernandes@greenpeace.org

Kerul Dyer, Rainforest Action Network, 1 (415) 866-0005, kdyer@ran.org


Share this page:

Go to:
Start
Related Banks
Related Dodgy Deals

Bank of America will act as a merchant broker for the $1 billion sale of shares in Coal India Limited, the world's largest coal miner with a controversial environmental and human rights record, according to reports from India. News of the deal comes despite Bank of America's stated commitment to sustainability, prompting strong criticism from Rainforest Action Network (RAN) and Greenpeace.

"Coal India has a record of forcibly displacing tribal and farming communities, ravaging tiger and elephant forests and turning a blind eye to instances of child labor and corruption," said Ashish Ferndandes, US-India Advisor with Greenpeace. "We have pointed out these issues to Bank of America on several occasions over the past year and been assured that the bank is looking into them. To have the Bank persist with its partnership with Coal India leaves one with the impression that ‘sustainability' is just a fancy word to CEO Brian Moynihan and his team."

"We are deeply disappointed with Bank of America's decision to do business with Coal India," said Ben Collins, Research and Policy Campaigner with RAN. "If Bank of America can't say 'no' to this deal in light of Coal India's involvement in human rights abuses, corruption and forest destruction, the bank's promises to respect communities and the environment mean nothing."

In response to sustained criticism from RAN and other groups over its financing of the coal industry, Bank of America has attempted to rebrand itself in more climate friendly terms but has failed to make a meaningful move away from coal. In contrast, other lending institutions like the US Exim Bank and the World Bank have announced plans to limit lending to coal.

Greenpeace and RAN raised the issue of Bank of America's involvement with Coal India at the bank's Annual General Meeting in Charlotte last spring and then wrote to CEO Brian Moynihan earlier this month, urging him to steer clear of the Coal India share offer. The organizations warned of Coal India's track record that includes forest destruction, forced displacement of communities and the use of child labor. Despite these warnings, the bank pursued the deal. (1)

Other global banks that will be part of the Coal India share offer include Goldman Sachs, Credit Suisse and Deutsche Bank. Greenpeace has written to these entities warning them that involvement with Coal India poses both financial and reputational risks.

Notes :

1. Greenpeace Investor Briefing on Coal India

Go to:
Start
Related Banks
Related Dodgy Deals

Related banks

Bank of America United States

active

Credit Suisse Switzerland

active

Deutsche Bank Germany

active

Goldman Sachs United States

active
Go to:
Start
Related Banks
Related Dodgy Deals

Related Dodgy Deals

Companies

There are no companies active for this item now.
on record

Coal India India

Coal Mining
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted