Bank of America Corp., Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) were the top three financiers of the coal industry last year, according to a report today from three environmental groups.
The three banks helped underwrite bonds or loans totaling $8 billion for mountaintop removal coal-mining operations and power plants, or 38 percent of the total $20.8 billion investment for such activities last year, according to the fourth annual Coal Finance Report Card from the Rainforest Action Network, BankTrack and the Sierra Club.
Total investment in the U.S. coal industry sank 50 percent from 2011 as banks sought to reduce their exposure to a fuel that’s the largest source of greenhouse gases, said Ben Collins, an analyst at San Francisco-based Rainforest Action Network and a lead author of the study.
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