From Bank of America’s website:
“Bank of America is particularly concerned about surface mining conducted through mountain top removal in locations such as central Appalachia. We therefore will phase out financing of companies whose predominant method of extracting coal is through mountain top removal. While we acknowledge that surface mining is economically efficient and creates jobs, it can be conducted in a way that minimizes environmental impacts in certain geographies.”
We are thrilled that just two and a half weeks after RAN’s day of action against coal and coal finance, Bank of America has made a public commitment to stop financing the devastating practice of mountaintop removal mining. This has been a major demand of the banks for the Global Finance campaign and we applaud Bank of America as it takes a step in the right direction – a step away from coal. Congratulations to everyone who has helped to pressure Bank of America to end it’s financing of coal and mountaintop removal – this is a truly incredible grassroots victory!
We will have more information about Bank of America’s announcement soon, as we work with our team and our allies to respond. For now, let’s celebrate!