Banks| Dodgy Deals| Map| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Join our Active Allies list
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2021-01-25 00:00:00
Why should banks support EU mandatory human rights and environmental due diligence?
2020-12-22 00:00:00
Blog: In 2020, the Equator Principles struggle to remain relevant
2020-12-14 00:00:00
The battle to stop Line 3 is heating up on the ground and across the US
2020-12-14 00:00:00
Corporate accountability and the just transition: Frameworks for holding corporations accountable for climate change
2020-09-24 12:53:20
Oscislowo open-pit coal mine cancelled
2020-09-08 13:07:41
Strengthened OECD guidance on responsible banking
2020-02-25 10:35:27
JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank
2020-02-18 17:27:23
Civil society groups welcome Royal Bank of Scotland preparing to exit fossil fuels
Connect
2020-11-30 00:00:00
Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact
2020-11-24 00:00:00
"Trust Us, We're Equator Banks": Part II
2020-11-18 00:00:00
Crude Risk: Risks to banks and investors from the East African Crude Oil Pipeline
2020-09-16 00:00:00
Principles for Paris-Aligned Financial Institutions: Climate Impact, Fossil Fuels and Deforestation
2020-08-17 00:00:00
"Trust Us, We're Equator Banks": Part I
2020-03-18 00:00:00
Banking on Climate Change - Fossil Fuel Finance Report 2020
See all publications
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Home › News
Bank of America stops funding Mountain Top Removal
Victory for Appalachia and anti-coal movement
Start
Banks
Dodgy Deals

By: Rainforest Action Network
2008-12-04
San Fransisco

Contact:

Bill Barclay: bbarclay@ran.org

Rebecca Tarbotton, +1 415.659.0529           


Share this page:

Rainforest Action Network praised Bank of America today for its decision to phase out financing for companies that practice mountaintop removal coal mining, a highly destructive and controversial method of coal extraction. The announcement, part of a new coal policy released on the bank’s website, reads: “We…will phase out financing of companies whose predominant method of extracting coal is through mountain top removal.”

“Bank of America’s decision is a giant leap forward in the fight against mountaintop removal coal mining, which has devastated Appalachian communities and the mountains and streams they depend on,” said Rebecca Tarbotton, director of Rainforest Action Network’s Global Finance Campaign, which has pressed Bank of America since October 2007 to cease financing of mountaintop removal mining and coal-fired power plants.

“We hope that Citi, JP Morgan Chase and other banks follow Bank of America’s lead.” Bank of America’s policy comes the day after the Bush administration’s approval of a rule that will make it easier for coal companies to dump rock and dirt from mountaintop removal mining operations into nearby streams and valleys. The rule has been bitterly contested by environmentalists and Appalachian communities.

“This is a testament to the hard work of Appalachian communities and anti-coal activists across the country, whose collective pressure left Bank of America with little choice but to abandon its support for this barbaric form of resource extraction,” said Tarbotton. “To responsibly meet the challenges of the climate crisis, Bank of America’s next step should be a complete phase-out of coal financing and increased investments in energy efficiency and renewables.”

The bank’s policy also supports technologies such as carbon capture and storage (CCS) and commits to promote the development and implementation of CCS to reduce greenhouse gas emissions. Rainforest Action Network has argued that CCS is not yet close to being commercially viable and has pushed energy efficiency and renewable energy sources as far better investments. Bank of America is currently involved with eight of the U.S.’s top mountaintop removal coal-mining operators, which collectively produce more than 250 million tons of coal each year. Mountaintop removal flattens mountain ranges and transforms healthy mountain woodlands into toxic sludge that has clogged more than 700 miles of rivers and streams. The practice is a major threat to the existence of many Appalachian communities.

Related banks

Bank of America United States

active

Related Dodgy Deals

Projects

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

Mountain top removal coal mining United States

Coal Mining
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
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