BREAKING: Morgan Stanley and Wells Fargo are cutting coal mining financing!

posted by Benjamin Collins


Great news today.

As a result of your actions this fall, Morgan Stanley and Wells Fargo announced they’re cutting financing for the global coal industry!

You made this happen. When you and tens of thousands of your fellow activists added your voice to RAN’s campaign against Morgan Stanley, that moved them to act. My job is negotiating with bank executives on the inside—but what really pushes them to do the right thing is feeling pressure from the outside, from activists like you.

And while RAN conducts detailed negotiations with individual banks, we’re also working to push for change across whole sectors. It’s no accident that Wells Fargo released an important new coal policy today as well. Two new policies in one day: it’s a sign that big banks are realizing that the true cost of coal just isn’t worth it.

These policies are important steps, but we have a long way to go in our fight to stop climate change and end fossil fuel human rights abuses. I’m writing from the crucial Paris climate summit, where I’m working with a team of RAN staffers to help make sure the new climate agreement is as strong as possible. In fact, on Wednesday we’ll be working with our allies to launch a new report that sums up where big banks stand on coal financing.

We’ll be back in touch on Wednesday, but wanted to pass along this exciting news.