SAN FRANCISCO – Today, the U.S. Environmental Protection Agency’s regional administrator, Shawn Garvin, has recommended that his agency veto the Clean Water Act permit for the Spruce No. 1 Mine in Logan County, West Virginia. The Spruce mine is one of the largest mountaintop removal mines ever proposed in Central Appalachia, and would result in the destruction of 2,278 acres of temperate rainforest and the burying of 7.5 miles of streams in the Spruce Fork sub-watershed.
Following is a statement by Amanda Starbuck of the Rainforest Action Network (RAN):
Blasting off mountaintops to reach coal in Appalachia or churning out millions of tons of carbon dioxide to extract oil from sand in Alberta are among environmentalists’ biggest industrial irritants. But they are also legal and lucrative.
“We’re the greenest bank in the business,” claims Pittsburgh, Pennsylvania-based PNC bank (PNC:US) on its web site. “We’re a company committed to lighting the path to a greener way of doing business and a greener way of life.”
SAN FRANCISCO—Within the last two years, Bank of America, Citi, JPMorgan Chase, and Wells Fargo along with Credit Suisse and Morgan Stanley have successively passed public policies limiting their financial relationships with coal operators that practice mountaintop removal (MTR) coal mining. These banks were the lead financiers of the practice prior to their policy shifts. Last month, Wells Fargo became the fourth top US bank to adopt a position limiting MTR financing.
BofA Cutting Off Financing for Mine Operator; UBS Remains Large Lender
Massey Energy, owners of the West Virginia mine that exploded Monday, has drawn criticism for an array of safety violations and environmental issues over the years -- so much so that even some big Wall Street banks refuse to finance the Richmond, Va.-based company.