Mountaintop removal (MTR) is a practice that, literally, blasts the tops off mountains to get at the coal inside. MTR poisons water, causes cancer, forces families off their land, and wrecks critical ecosystems. Big banks are the ATMs for companies engaged in this horrific practice.
There’s a growing campaign to stop banks profiting from MTR, and it’s gaining momentum. Just last month, JPMorgan Chase announced that it would stop funding MTR. In the U.K., Royal Bank of Scotland did the same.
Now we’re reaching a tipping point with Crédit Agricole, the biggest bank in France. Last year, they said they were concerned about MTR coal mining, but -- due to a massive loophole in their environmental policy -- they continue to finance loans and bonds for Alpha Natural Resources and Arch Coal, the two biggest and most destructive MTR companies in the world.
At Credit Agricole's annual shareholder meeting this week, RAN allies including BankTrack and the Keeper of the Mountains Foundation pushed Jean-Paul Chifflet, the bank’s CEO, to close the MTR loophole. They're feeling the heat. Now let’s seize this moment and drive the point home.
Tell Crédit Agricole to stop profiting from MTR once and for all.