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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.
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.
When Chevron rolled out its fancy new "We Agree" ad campaign in October 2010, we were ready for them. We had only the tiniest fraction of Chevron’s budget — the company typically spends as much as $90 million on an ad campaign like this — but we had the element of surprise, and we were determined to press our advantage.
Bank of America is one of the biggest banks in the world. With over $2 trillion in assets, branches in 43 states, more than 250,000 employees, and expanding operations in Asia, Europe the Middle East, Africa, Latin America and Canada, the scale and reach of Bank of America's business is immense.
In 2008, the Big Banks caused serious havoc with the housing market, and their role in financing coal continues a pattern of reckless behavior. The time for banks to drop coal is now.
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.
Billionaire real estate investor and legendary tax evader Leona Helmsley famously said: “Only the little people pay taxes.” It turns out Helmsley was all too right.
Our 2011 report card examines ten banks and their financial relationships with mountaintop removal coal mining in Appalachia.
Ambre Energy and Peabody Energy are leading the push for west coast export terminals that would open the floodgates for a new coal market in Asia. Advocates for clean energy, the environment, and public health and safety have coalesced to oppose these ports on the beautiful Pacific Northwest coastline.
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