Bank of America Corp., Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) were the top three financiers of the coal industry last year, according to a report today from three environmental groups.
The three banks helped underwrite bonds or loans totaling $8 billion for mountaintop removal coal-mining operations and power plants, or 38 percent of the total $20.8 billion investment for such activities last year, according to the fourth annual Coal Finance Report Card from the Rainforest Action Network, BankTrack and the Sierra Club.