Bank of America: Strong on Rhetoric, Weak on Climate & Coal

Written by Amanda Starbuck

Bank of America released its new environmental initiative Monday, grandly declaring that “Today’s announcement builds on Bank of America’s legacy of leadership in the environmental arena.”

While the bank’s initiative focuses on its financing of renewable energy, key construction projects and reduction of its own operational emissions (emissions from its buildings and facilities), the bank makes no mention of its role in financing fossil fuels, like coal, which are the leading cause of climate emissions in the United States.

Plain and simple, increasing support for renewable energy and not decreasing funding for coal will not do what’s needed to reduce emissions or protect the climate.

Bank of America’s commitment to renewable energy is a step in the right direction for our climate, however, the bank is simultaneously taking two steps back by continuing to underwrite the coal industry. The bottom line is we cannot reduce the emissions necessary to stem climate change with renewable energy funding alone, we must also curb our use of coal and Bank of America’s new environmental commitment makes no move to do that.

Coal is the elephant in Bank of America’s record. Bank of America boasts about increasing its commitments to renewable energy, but omits reporting its steadily increasing financing for coal—the number one source of U.S. climate pollution. Between 2010 and 2011, Bank of America provided more than $6.4 billion in underwriting for U.S. coal.

Bank of America finances climate and community pollution at every stage in the coal industry. It spends billions each year underwriting mountaintop removal coal mining companies and utilities that operate the dirtiest coal-burning power plants in the country.

Check out our video of people who traveled to Bank of America’s 2012 shareholder meeting to explain to the bank what impact their underwriting is having on local communities across the U.S.

If Bank of America wishes for a true legacy of environmental leadership, then it is clearly time to update its position on coal. Coal’s devastating impact on both climate and public health comes at a time when the profitability of both coal mining and coal-fired power generation is way down and presenting a clear financial risk for the bank.

This post was republished with permission from Rainforest Action Network.

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Photo from Rainforest Action Network via flickr

Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

James C.

8:33PM PDT on Jun 21, 2012

Do people really still use the Bank of Corruption and lies really?

June 21
send a green star

Kelly R.

7:38PM PDT on Jun 20, 2012

Thanx

June 20
send a green star

Donna H.

6:08AM PDT on Jun 19, 2012

Bank of America: strong on avarice, weak on honesty!

June 19
send a green star

Carole R.

8:35PM PDT on Jun 18, 2012

Thanks.

June 18
send a green star

Carl O.

6:43PM PDT on Jun 18, 2012

Bankers being untrustworthy. Saying one thing and doing another. I'm shocked. These were the same instituitions that gambeled with their clients' deposits, lost and then asked the puvlic for bailouts. I guess with all that bailout money that they received they were able to hire some pretty good spin doctors.

Sue H.

5:56PM PDT on Jun 18, 2012

Bank of America is nothing but Robber Barons. Why Anyone would use them is beyond me.

Sharon R.

2:56PM PDT on Jun 18, 2012

Kudos to Bank of America for starting the process of change. All change begins with a single step forward, and you don't see too many others trying to take this step.

Marilyn L.

2:32PM PDT on Jun 18, 2012

Thanks

Ron B.

2:10PM PDT on Jun 18, 2012

Talk is cheap. That's why the greedy use it so much.

Grace A.

1:08PM PDT on Jun 18, 2012

Maximizing their bottom line is the SACRED DUTY of ALL for-profit corporations. Even non-profit corporations need to successfully solicit more in donations than they spend on accomplishing their non-profit objectives, in order to remain active. If you want corporations to stop burning fossil fuel, both swap equipment for producing energy sustainably for fossil fuel reserves and buy fossil fuel reserves--because there is NO WAY a fossil fuel firm will put up with writing off fossil fuel reserves as a loss. They are determined to maximize their bottom line.