Bank of America dumps Coal Mining
Sometimes wins are couched in the most subtle language. B of A’s announcement came out as:
“Our new policy … reflects our decision to continue to reduce our credit exposure over time to the coal mining sector globally.”
And with this phrase the lender with the worst record on financing high impact coal projects, including mountain top removal, steps out of this business.
It was a daring choice on the part of the Rainforest Action Network to take on B of A over coal. They were the biggest lender in the sector and thus had the most to lose in terms of institutional knowledge and existing network. Moving from coal hurts bank profits in the short term and banks hate that. B of A is also notoriously reluctant to make any change and especially politically motivated change.
You might consider giving them some money. They certainly deserve it