Last week, Rainforest Action Network and three allies testified at Bank of America's annual shareholder meeting, urging them to drop coal, to stop profiting from environmental destruction and human rights abuses. In the next two weeks, we'll be posting the statements of our three allies. Add your voice by telling Bank of America to stop funding coal -- and come clean on climate change.
My name is Elise Keaton. I am the Executive Director of the Keeper of the Mountains Foundation and I am from southern West Virginia. I currently live in Charleston, West Virginia. I am here today to ask you to please stop financing the destruction of our mountains, our water and my community.
On January 9 of this year, I came home from work, poured a big glass of water from my tap and drank it. As soon as I set my glass down I received a text message from my landlord stating, “Don’t drink the water! There has been a chemical leak!”
Over the next hours, I experienced acute symptoms from exposure to the coal-processing chemical 4-methylcyclohexane methanol (MCHM), including irritated eyes, nose and throat, nausea, and stomach cramps. If the spill had been immediately lethal, I thought, the authorities would have sounded the chemical valley alarms. So I monitored my symptoms and concluded that I did not need to go to the emergency room that night. I figured that the next day, we would know more about what had happened.
What we learned over the next week was that a Freedom Industries facility storing coal-processing chemicals leaked MCHM into the Elk River, contaminating the drinking water for 300,000 households. The first question a thinking human being should ask is, “Why are 300,000 households, spread across nine counties in a rural state like West Virginia on a single water source in the city of Charleston?”
The answer is: their local water sources have already been compromised by the mining industry. Their streams and springs have been destroyed or buried by mountaintop removal. Their wells have been compromised by blasting or polluted by coal slurry injections.
And instead of addressing the sources of this pollution, the political-industrial establishment in West Virginia decided that your quarterly profits were more important than clean water for our communities and they answered that loss of water by extending the municipal water source further and further out into those counties.
Four months later, we still lack access to guaranteed safe drinking water in West Virginia. Our esteemed congresspeople have insisted that they are drinking the water. But no public health official has declared the water safe to drink.
I am 34 years old and I am getting married this summer. I've waited a long time to start my family. Now, I have postponed my plans to have children indefinitely because no one can tell me the impact MCHM may have had on me and my reproductive ability.
I am here today to ask you to please stop financing the destruction of our mountains, our water and my community. The minuscule profits you received as a result of mountaintop removal mining are incomparable to the catastrophic damage caused by the practice. It is killing us.
More than 20 peer-reviewed health studies have shown that living near mountaintop removal sites is deadly for the people of Appalachia. Please stop financing the destruction of our mountains, our water and my community.
I will close with this: when you remove coal by blowing up a mountain to extract it you have destroyed a “water maker” for the equivalent of one hour’s worth of electricity for the United States. Let me repeat that. When you extract coal by mountaintop removal you kill a resource that will make water forever -- for the equivalent of one hour’s worth of energy for the U.S. How is that a good investment?
As shareholders of one of the largest financial institutions in the world, you are savvy investors and business minded individuals. How is destroying the mountains that create clean water for a very small, short term financial benefit a good investment? Please stop financing the destruction of our mountains, our water and our communities. Your profits from mountaintop removal mean death for us.
Stand with Elise and RAN by telling Bank of America to stop funding coal -- and come clean on climate change.
Last week, Bank of America (BofA) admitted a huge accounting error—for several years, it claimed a whopping $4 billion more in capital than it actually has. The day BofA announced its blunder, its shares closed down more than six percent, the stock’s biggest drop in two years.
But BofA had to come clean. Regulators, shareholders and consumers need an accurate picture of banks' balance sheets.
BofA’s admission gives us a rare chance to raise a far bigger question: What else are they hiding?
It's time for BofA to be transparent about something much more vital to the future of the planet: just how much its investments contribute to climate change.
I'm writing to you from BofA's Annual General Meeting (AGM) in Charlotte, North Carolina, where I'm about to speak in support of a crucial shareholder resolution. The Interfaith Center on Corporate Responsibility—backed by investors worth almost $35 billion—is pushing the bank to report on how much carbon pollution gets spewed into the atmosphere by the companies it funds.
BofA is a top funder of the biggest drivers of climate change: coal, oil, and gas corporations, as well as carbon–intensive electricity producers. But it's refusing to report on its financed carbon emissions. BofA knows that opening its books will create pressure to cut emissions by moving away from fossil fuels.
Now is the time to push BofA on climate change. Last week's accounting revelations were a big black eye, and at today's AGM, the bank needs to reassure its shareholders and customers that it doesn't have billions of dollars of climate liabilities on its books.
Pushing for transparency is just the first step. We're also calling on BofA to cut its carbon pollution by stopping funding coal, the top contributor to climate change. I'll be making that call here at the AGM in just a few minutes, and ally organizations will speak to coal's cost beyond climate: mountains with their tops blown off in West Virginia, rivers wrecked by coal ash here in North Carolina, and human rights abuses by coal company security forces in Colombia.