Over the past 2 years, Bank of America has invested more than $6.4 billion in coal. Bank of America is the biggest bank in the United States and the biggest underwriter of the coal industry -bankrolling coal mining, infrastructure investments and coal plants around the country. While Bank of America claims to support environmental responsibility, it continues to lead investments in coal, one of the biggest threats to public health and climate stability.
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From the cradle to the grave, coal is a risky business. Each stage in the life cycle of coal–extraction, transportation and combustion–presents increasing health, environmental, reputational, legislative and financial risks.
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A Guest Blog by Amy Ward Brimmer, Executive Director—Earth Quaker Action Team
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Add your name now to amplify the powerful chorus of voices demanding that BofA end its funding of dirty coal and global climate change.
Publications
The banking sector accelerates global climate change through its “financed emissions,” the greenhouse gas emissions induced by bank loans,
investments, and financial services. A bank’s physical operations typically have a modest climate impact, but banks that finance coal-fired electric utilities or fossil fuel producers bear co-responsibility for the massive quantities of greenhouse gases emitted by these companies. Major banks therefore have financed emissions footprints that are much larger than their operational climate impacts and expose them to both reputational and financial risks.
A coal finance report card produced by Rainforest Action Network, the Sierra Club and BankTrack. We examine the policies and practices of the largest U.S. banks.
As outrage at the country’s largest banks increases with the Occupy Movement and record bank customers move money to credit unions and local banks, RAN finds yet another reason customers should be wary of BoA. Our campaign briefing shines a light on the company as the country’s top financier of the coal industry, in turn, a leading contributor to climate change in the United States.
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