We’ve waged a long hard campaign against Wall Street the past 4 years to stop them from financing mountaintop removal. Now we’re seeing some results! Hooray for everyone who joined our work to stop MTR financing.
Top 4 US banks curb loans for destructive practice; Cut financing for Massey Energy
SAN FRANCISCO—Within the last two years, Bank of America, Citi, JPMorgan Chase, and Wells Fargo along with Credit Suisse and Morgan Stanley have successively passed public policies limiting their financial relationships with coal operators that practice mountaintop removal (MTR) coal mining. These banks were the lead financiers of the practice prior to their policy shifts. Last month, Wells Fargo became the fourth top US bank to adopt a position limiting MTR financing. These policies signal a sector-wide shift away from a mining practice that has become increasingly controversial and a move toward more environmentally conscious fossil fuels financing.
The move comes as a response to more than three years of national pressure spearheaded by the environmental action group Rainforest Action Network (RAN). In 2007, RAN began with a campaign focused on Bank of America, the lead financier of MTR coal mining companies at the time. The group has gone on to work with all of the largest banks in the country to encourage the entire industry to shift its policies. This shift in the banking sector is consistent with a national move away from the mining practice, which recently both scientists and the federal government have confirmed causes irrevocable harm to landscape and water quality.
“Money talks – and it is saying loud and clear that mountaintop removal coal mining is a bad investment. With the move away from mountaintop removal coal mining, our country’s top banks are showing that they know they can do well while doing good for our environment and our public health,” said Rebecca Tarbotton, executive director of the Rainforest Action Network. “We are seeing a sector-wide shift away from an increasingly controversial practice that is devastating Appalachian communities and the mountains and streams they depend on.” Continue reading ‘Wall Street Backs Away From Mountaintop Removal Coal Mining’

Will 2010 be remembered as the year when nature struck back? We’ve witnessed the 
