Charlotte, NC—An international coalition of shareholders and community leaders from as far away as Bogota, Colombia, will testify to the grave impacts resulting from Bank of America’s financing of the coal industry at the bank’s Annual General Meeting today in Charlotte, North Carolina. Shareholders will also consider a resolution requesting the bank to report carbon emissions stemming from financing of carbon-intensive industries. Coal is the top contributor to greenhouse gas emissions (GHG) that cause climate change.
San Francisco, CA – Today, Rainforest Action Network (RAN), Sierra Club and BankTrack released the fifth annual coal finance report card, “Extreme Investments, Extreme Consequences,” which tracks the financiers of the worst-of-worst coal companies. The report shows that even as high-profile bankruptcies and costly environmental cleanup settlements illustrate the growing risks involved with lending to coal companies, U.S. banks provided $31 billion in financing for coal in 2013.
But moving from "wet" handling of ash, such as ponds, to "dry handling," such as lined landfills, has its own costs. According to a 2013 report from the Rainforest Action Network and BankTrack, these costs include capital spending of $10 million to $30 million per plant to convert one type of coal ash, fly ash, from wet to dry handling, and $20 million to $40 million per unit at a plant to convert another type, bottom ash. Closing a pond has stranded asset costs of up to $1 million per acre, the report said.
Here in the Northwest, proposals to build coal terminals have generated opposition from environmentalists, tribes and communities. They're worried about climate change from the burning of more coal,as well as increases in coal train and ship traffic in their own region.
SAN FRANCISCO--Today Goldman Sachs Infrastructure Partners sold off its remaining equity investment in Carrix, the parent company of Pacific International Terminals and SSA Marine that are behind a colossal coal export terminal proposal near Bellingham, Washington. The move comes after coal companies and their proponents have tabled or dropped three out of six proposed coal export terminals in the Pacific Northwest in the last two years.
Students all over the nation have been exercising their right to free speech in a coordinated effort to stop actions which damage the climate. Organized by the Rainforest Action Network (RAN), a campaign against Bank of America and Citibank has engaged college students to stage protests when these bank recruiters visit their campuses.
SAN FRANCISCO—Three U.S. banks: Citigroup, Morgan Stanley and Bank of America lead the financing of the world’s coal mining industry and are spotlighted in a new study entitled Banking on Coal, released today at the COP 19 in Warsaw, Poland. While coal consumption has declined in the U.S., globally, coal production has grown by 69 percent since 2000 and has now reached 7.9 billion tons annually. Coal is the single largest source of carbon emissions contributing to climate change.