Bank of America dumps coal mining in sweeping new policy

Bank of America unveiled a new global coal mining policy today committing to reduce exposure to coal mining companies across the board. Bank of America’s Andrew Plepler announced the new policy at the bank’s annual shareholder meeting this morning in Charlotte, stating, "With regard to coal, over the past several years we have been gradually and consistently reducing our credit exposure to companies focused on coal mining. Our new policy...reflects our decision to continue to reduce our credit exposure over time to the coal mining sector globally.” The policy change comes after four years of campaigning from Rainforest Action Network and other groups, and is the strongest policy of its kind to date.

“Today’s announcement from Bank of America truly represents a sea change: it acknowledges the responsibility that the financial sector bears for supporting and profiting from the fossil fuel industry and the climate chaos it has caused,” said Rainforest Action Network Climate and Energy Program Director Amanda Starbuck. “In real terms, this means the bank is turning its back on the coal mining industry and committing to energy efficiency and renewable energy.”

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