SAN FRANCISCO–Today, Bank of America released its 2011 Corporate Social Responsibility (CSR) report that fails to address its most significant environmental impact, coal financing. The bank instead points to internal operational improvements to address sustainability, which contributes a small fraction of emissions to global climate change, in comparison to the bank’s fossil fuel investments.
Last week, activists with the Rainforest Action Network (RAN) climbed 100ft to suspend a banner on Charlotte's Bank of America stadium, where President Obama is scheduled to make his nomination acceptance speech on 6 September. The banner read "Bank of America" with the word "America" crossed out and replaced with "Coal".
Some groups are calling for a moratorium on foreclosures and an increase in loan principal reduction as effects of the mortgage crisis continue. Others decry the bank’s financing of coal energy projects, and still others seek to end corporate political donations.
Organizers have pledged nonviolence. In fact, many of them have gone through workshops or other training on nonviolent protesting, said Amanda Starbuck of the Rainforest Action Network. But they don’t rule out street and sidewalk blockages that could spur police action.
"We see Bank of America as the worst of the worst," said Amanda Starbuck, a director at the environmental advocacy group Rainforest Action Network, which organized the protests. "There's a lot of momentum around Bank of America."
The banner that hung briefly from “Bank of Coal” stadium Wednesday was the first of upcoming protests that, four months before the Democratic National Convention, will test Charlotte’s ability to police waves of demonstrators.
Protesters will welcome Duke Energy shareholders at their annual meeting Thursday morning. Organizers say 1,000 activists will be on hand for Bank of America’s shareholder meeting next Wednesday. Another group vows to “occupy” a conservative legislative summit May 11.
SAN FRANCISCO (6.11.2012)—Today, Bank of America announced a new environmental initiative, which includes a commitment to $50 billion over ten years for environmental investments. While the bank is focusing on energy efficiency (largely reducing emissions from its own consumption), renewable energy and energy infrastructure, transportation, and water and waste, the bank does not address its role in financing fossil fuels, like coal, which are the leading cause of climate emissions in the United States.
This morning a quite realistic-looking press release said the bank has launched a new campaign — “Your Bank of America.” Dressed in BofA’s famed “flagstaff” logos and color–it’s even the right fonts–the “release” says the bank is on a quest to find out how banking should happen and wants America’s help.
On a related website, yourbofa.com, a letter purporting to be from CEO Brian Moynihan kicks off with “Today, it’s time to acknowledge that our Bank isn’t working anymore.”
What would Bank of America look like if it were owned by its customers?
YourBofA.com, a parody site launched this week, lets the crowd take a stab at answering that question. Mimicking the real Bank of America site's look, it takes scathing aim at the bank's missteps and invites visitors to share their ideas about what a taxpayer-owned Bank of America should do. Several thousand contributors have already sent in suggestions.