To James Gorman, Chair and CEO of Morgan Stanley,
It’s past time for Morgan Stanley to cut ties with the coal industry. With the Paris Climate Conference around the corner, I urge you to end your bank’s corporate financing for coal mining and coal fired power.
The crucial Paris climate conference is approaching in December, and some major U.S. banks have been taking the lead and committing to get out of coal. But at the same time, we’ve also seen Morgan Stanley continue to finance coal’s worst of the worst.
Morgan Stanley has been banking the global coal industry’s worst corporations for years—and they refuse to face the realities of climate change. Morgan Stanley:
- Conducted half a billion dollars worth of coal deals in 2014.
- Has a long-standing relationship with Peabody Energy, the world’s largest private sector coal mining company, which produced a quarter billion tons of coal last year.
- Financed $1.2 billion for the largest coal fired power plant operators in the world last year—including RWE, Europe’s largest single emitter of carbon dioxide.
- Continue to finance the horrific practice of mountaintop removal (MTR) coal mining—literally blowing off the tops of mountains to get at the coal inside, destroying ecosystems, and poisoning communities in beautiful rural Appalachia. Meanwhile, eleven of Morgan Stanley’s competitors have committed to cut financing for MTR.
Earlier this year, Bank of America and Crédit Agricole, the third-biggest bank in Europe, adopted a major new policies committing to drop coal mining. It’s past time for Morgan Stanley and the rest of Wall Street to meet and exceed these pledges by dropping financing for coal mining and coal power.
In the run-up to December’s vital climate conference in Paris, RAN has joined with more than 130 climate organizations worldwide to call on the global banking sector to end financing for coal mining and coal-fired power. We’re seeing a broad call for a comprehensive transition away from fossil fuels, from everyone from communities on the frontlines of climate change to the world’s elected officials. This is a make-or-break moment for the global banking sector to do its part in moving us toward a post-carbon economy. With the Paris climate conference less than three months away, it’s time for U.S. banks to drop coal once and for all—starting with Morgan Stanley.