Image via PNC Financial Services Group

PNC recently released their 2011 Corporate Responsibility Report. Documents like this  provide a window into how a bank thinks about its environmental and social impact. RAN has been paying close attention to PNC Bank and its approach to the energy industry for a couple of years, so I was eager to get my hands on the new report and see whether PNC is strengthening its commitment to communities and the environment.

The most eye-catching announcement in the introduction is the announcement that PNC will be building the “World’s Greenest Skyscraper” right in the heart of Pittsburgh. Avid readers of the Understory might recall that, in 2009, PNC built the “largest green wall in North America.” This is a commendable step-up in ambition. Extrapolating this trend, I look forward to PNC building the greenest city in the U.S. in 2013 and, before the decade concludes, PNC might just transform this nation to become the greenest on the planet.

But seriously, RAN has been saying for years that, while we like to see corporations green-up their buildings and their operational practices, the true test of a “sustainable” bank is where it puts its money.

If you compare this report to PNC’s first, released in 2010, there is a striking shift in the language used. Whereas previously PNC spoke of “Lending in support of economic growth,” now the message is “Lending to drive growth responsibly.” I’m hearing an acknowledgement of both the tough times we are living in and the role that the unchecked pursuit of profit has played to get us into this unsustainable economic crisis.

On page two, PNC gives an interesting trend analysis of energy sources. While the report doesn’t specifically say that PNC will be moving away from financing coal and oil, it does note that fossil fuels (except natural gas of course) are becoming less attractive as energy sources. I would like to see PNC disclose how its portfolio of energy investments compares to the national energy trends. The bank sounds enthusiastic about “deepening and broadening relationships” with those seeking to develop solar and other energy-efficient projects. However, there is no target stated indicating the level of financing that PNC is aspiring to provide.

Photo by Doug Bardwell

On page three, a new “supplemental due diligence criteria” is outlined that appears to apply to all companies in extractive industries. There is specific mention of “horizontal drilling and hydraulic fracturing methods.” I suspect these are being addressed because of the bank head office being located in Pittsburgh, where hydrofracking has been banned. I like the broad category of “extractive industries,” but there isn’t much here about what this criteria looks like, and no mention of reporting.

PNC has restated its policy on mountaintop removal (MTR) mining. There is no change here and I have the same criticism as before: This policy has an identified performance standard — “coal producers who receive a majority of their production from MTR mining” — and it is unclear whether this refers to a company’s performance in Appalachia or across the United States. Prior to adopting this policy, PNC had substantial exposure to MTR companies and I would like to see PNC publicly report on the impact of the policy, as its competitors Citi and Morgan Stanley are now doing.

In summary, the 2011 PNC Corporate Responsibility Report demonstrates that this bank’s approach to energy is evolving. But there is still plenty of room to improve transparency around targets and reporting on implementation, and for PNC to be as ambitious with energy underwriting as it is with building green skyscrapers.

Image courtesy of SouthWings

A new poll released yesterday of likely voters in Kentucky, Tennessee, Virginia and West Virginia shows widespread opposition to mountaintop removal (MTR) coal mining and overwhelming support for enforcement of the Clean Water Act to better protect rivers and streams from the impacts of MTR.

In a statement that accompanies the release, the pollsters said:

“Voters across Kentucky, West Virginia, Tennessee, and Virginia solidly oppose mountaintop removal coal mining, by wide margins and across a host of demographic and political divides. Three-quarters support fully enforcing—and even increasing protections in—the Clean Water Act to safeguard streams, rivers, and lakes in their states from mountaintop removal coal mining. Fully 76% of voters across these four states support this proposal, including a 62% majority who feel that way strongly. Just 8% of voters oppose it. Support for this proposal is far-reaching, encompassing solid majorities of Democrats (86%), independents (76%), Republicans (71%), and Tea Party supporters (67%).”

Senator Joe Manchin

Representative Nick Rahall

Someone needs to pass this on to West Virginia’s elected representatives Senator Joe Manchin and Congressman Nick Rahall. These two have been leading the charge in the attack on the Environmental Protection Agency’s attempts to strengthen enforcement of the Clean Water Act. We’ve long-known that neither politician cares about their voters’ best interests, but for how much longer will they be able to ignore their wishes?

The poll was conducted by Lake Research Partners and Bellwether Research & Consulting and commissioned by Appalachian Mountain Advocates, Earthjustice and the Sierra Club.

Deutsche Bank’s words are in italics, my ‘translations’ are in bold.

Deutsche Bank regards the responsible treatment of the environment as an integral part of its corporate identity. Within the framework of our certified sustainability management system we take environmental, social and governance issues very seriously, and we therefore take your concerns equally seriously. We have carefully studied your letter and consulted internally with the relevant business units.

Deutsche Bank thinks it is important to be environmentally-friendly, and so we have read and discussed your letter.

Please note that we only do business with companies that fully comply with national and local laws and standards. In 2010, we welcomed the US Environmental Protection Agency’s decision to announce a set of actions to further clarify and strengthen environmental permitting requirements. We believe that these new requirements will help to reduce the environmental impacts of mining activities in the US.

We only do business with companies that obey the law and we think that the EPA will make mining more eco-friendly.

Being aware of the possible implications of our business activities, we have integrated environmental, social, and governance aspects in Deutsche Bank’s risk management principles and guidelines. We use a systematic due diligence process, starting at the relevant business unit and involving internal control functions such as Compliance, Legal, Credit Risk Management, and Group Sustainability, to assess new clients as well as the engagement in potential business deals. If a case is especially complex and entails substantial risks, the case is escalated to senior management.

Deutsche Bank has a process to examine the environmental, social and legal impacts of new clients and business deals. And, if we spot these risks, then it is up to senior management to judge whether / how we do business.

Deutsche Bank only participates in financing, when the transaction complies with all the Bank’s relevant internal standards and when it fulfils legal and regulatory requirements. We have also integrated a “Green Filter” into our Group Reputational Risk Management Program policy, in order to evaluate whether a transaction is in line with the Bank’s objective to contribute towards a low carbon society. This approach is particularly relevant in carbon-intensive industries.

Deutsche Bank has a goal to help society reduce carbon emissions and so we look at new clients and deals to see whether this helps us get to that goal.

Business relationships with companies involved in potentially controversial environmental or social practices, are carefully considered and reviewed in depth and a company’s environmental, social and governance risks will be assessed against external standards and internal requirements. If gaps are identified, Deutsche Bank will aim to work with the company to improve such practices or policies, or may indeed define conditions which the company must meet before the Bank will enter into a client relationship.

When we spot a company who is not being as environmentally friendly as the law or as Deutsche Bank would like to see, we will try to work with them to improve. We might set a standard for the company to meet before we will do business with them.

We are constantly working towards further enhancing our due diligence process and expertise, and we therefore appreciate your input.

We would like our process to go further, thank you for your comments.

—

Whichever version you read, the bank avoids any mention of mountaintop removal (MTR). But if Deutsche Bank is true to its word, then they should not do business with any MTR company, as they all systematically break the law (see today’s article by Ken Ward in the West Virginia Gazette that demonstrates legal compliance is getting worse, not better, in Kentucky).

What do you think of Deutsche Bank’s response?

No, this isn’t another attempt by the coal industry to re-brand their egregious mining practices. It was Stephen Colbert’s response to Robert Kennedy Jr’s call for an end to the coal industry’s systematic destruction of Appalachia.

Bobby Kennedy was on the Colbert Report last night to talk about his new documentary – the Last Mountain, which features West Virginia activists (and RAN friends) Maria Gunnoe and Bo Webb and the tireless work that they – and thousands of others – have been doing to end mountaintop removal and transition their economy to clean, renewable energy,

Check out that interview here (starts at minute 15) and go see the Last Mountain, it opens in theaters across the U.S. this weekend.

via marchonblairmountain.org

I’ve been part of the movement to end mountaintop removal for five years now.

In 2008, RAN and I helped organize blockade actions against Dominion Energy which was building a new coal fired power plant in Wise, VA. In 2009 and 2010, we worked in solidarity with Appalachian and direct action groups in southern West Virginia taking action on mountaintop removal sites. During that same time, we waged a campaign to end mountaintop removal against the EPA and Wall Street banks like Chase and PNC Bank.

Last fall, we participated in Appalachia Rising, which brought thousands of Appalachians, friends and allies for a mass march and direct action in Washington D.C. 120 of us were arrested doing a sit-in in front of the White House. Now our friends in Appalachia are organizing a mass march, rally and action at Blair Mountain.

Blair Mountain is the site of the 2nd largest insurrection in U.S. history (after the Civil War.) The battle took place in 1921 and saw 8,000-10,000 miners fighting for union rights take up arms against the coal industry’s gun thugs. Now coal companies have stripped Blair Mountain of it’s historical landmark status and want to strip mine it.

A coalition of environmental, labor, student, community and activist groups have come together to stop the strip mining of Blair Mountain.  Beginning on June 4th, a march will begin that will retrace the steps of the 1921 march.

March on Blair Mountain Logistics

1) Attend the March, Rally AND Day of Action

Participants that plan to attend The March should arrive in Charleston, WV on the afternoon or evening of June 4th to be shuttled to Marmet, WV. Our Orientation Day will begin the following morning in Marmet, WV–it is critical that participants attend this Orientation Day in order for us to have a safe and effective march. Marchers will move out Monday morning and, over the next five days, march 50 miles to the town of Blair, WV, arriving on June 10th. The following morning, on June 11th, The Rally and Day of Action will begin in Blair. Shuttles will be available to take participants back to their vehicles in Charleston once the event is over.

• Register for the March
• March Event Schedule
• Things You Should Know for the March

2) Attend just the Rally and Day of Action

Participants that plan to attend just The Rally and Day of Action should arrive in Logan, WV on the morning of Friday June 10th if they are able. Beginning at 1pm on June 10th, we will be hosting a Training Day in Logan, WV so that participants will be prepared for the events the following day. If you need to arrive on the evening of June 9th, or the morning of June 11th, accommodations will be available. Again, we strongly encourage those that are able to attend the Training Day on the 10th.

• Rally Info

Hope to see you there!

This morning I attended PNC bank’s shareholder meeting. I tend to find these events extremely self-congratulating, and today was no exception. We were treated to announcements about how (relatively) well the bank has been performing financially and the titles and awards that the bank has received this year, all before a video extolling PNC’s core values.

Two of those values stood out to me: “Commitment to community” and “Quality of life”. This was exactly what  I came to talk about. When my opportunity came, I stepped up to the mic to introduce myself as a shareholder and explain RAN’s campaign for PNC to end their financing of mountaintop removal (MTR) coal mining. I asked CEO James Rohr to report on the impacts of the bank’s 2010 policy on MTR, and I introduced my friend, Amber Whittington, who accompanied me to the meeting.

Amber is 21 and lives in the belly of the Coal River Valley, West Virginia, next to Kayford mountain and in between two MTR mines: one operated by Massey Energy, the other by Patriot Coal. Amber spoke to the meeting about the impacts these mines have on her daily life, about how her tapwater runs orange due to the toxic heavy metals that leech from the neighboring mines, and about how she has to drive 45 minutes to obtain clean and safe drinking water from the town of Beckley.

So how did James Rohr respond to this? He replied that he considers himself and PNC to be “green,” and to demonstrate this green-ness he referenced the LEED Platinum PNC offices that this meeting was taking place in. He told us that PNC had “significantly reduced its exposure to MTR,” that the bank “no longer provided finance for MTR projects” or for “companies who primarily practice MTR extraction,” but that there were still some companies PNC had dealings with who practice a limited amount of MTR. His justification for financing these companies is the jobs these companies provide.

The next shareholder to speak introduced herself as a quaker and listed the reasons that she too is concerned about PNC and MTR, before urging the bank to adopt a full-sector exclusion. Mr Rohr responded by acknowledging the bank’s deep historical connections to the quaker movement. Another shareholder, a school teacher, praised PNC’s  flagship headstart educational program and requested this support be extended to Appalachian childhood — by fully getting out of MTR.

In less than one hour the meeting was over, and a small crowd of shareholders gathered around Amber to express support for her. She and I were then invited to meet with a senior executive to continue our conversation, where we challenged the myth of MTR “job-creation” and advocated that PNC shift financing to support renewable energy development in Appalachia, to create the types of jobs that young people in Appalachia like Amber actually want the opportunity to do.

My impression was that PNC was keen to listen, I’m hoping that enthusiasm translates into action.

The practice destroys hundreds of Appalachian mountains, contaminates drinking water and sacrifices America’s communities for small seams of coal.

That’s exactly what actress and RAN ally Susan Sarandon has to say in our new video on mountaintop removal coal mining:

This week, hundreds have convened in our nation’s capitol for “Week in Washington” to call on Congress to end mountaintop removal coal mining. In RAN fashion, we are taking this message to the top financiers of the devastating mining practice with a video we think they can’t ignore.

A RAN report released today has found that Citi, PNC, Deutsche Bank and UBS are the leading financiers of mountaintop mining. They are the ATMs for coal operators and play a pivotal role in stopping the practice before it starts.

Click image to send this video to bank CEOs.

Watch this incredible video and send it to bank CEOs today. This firsthand footage will show banks exactly what they are funding when they choose to do business with MTR coal companies.

As Ms. Sarandon says, “Mountaintop removal is an American tragedy… An unnecessary, outdated practice with no place in our clean energy future.” It is time banks stop funding mountaintop removal mining and start funding our future.

Little Village Environmental Justice Organization rally to shut down dirty coal power plants in South Chicago

Research shows that carbon offsets aren’t working to reduce greenhouse gas emissions and stall global warming. That’s why RAN has founded the Climate Action Fund.

In theory, a carbon offset is a reduction in emissions of carbon or greenhouse gases made in order to compensate for or to offset an emission made elsewhere. Rather than reduce its own pollution, for example, a business would pay someone somewhere else in the world to reduce their greenhouse gas emissions, and then take credit for their contribution.

Sounds good, but does it really work?

A recent report estimates that of the $700 million dollars that are invested in carbon offsets around the world, offset buyers

are often buying vague promises instead of the reductions in greenhouse gases they expect. They are buying into projects that are never completed, or paying for ones that would have been done anyhow, the investigation found. Their purchases are feeding middlemen and promoters seeking profits from green schemes that range from selling protection for existing trees to the promise of planting new ones that never thrive. In some cases, the offsets have consequences that their purchasers never foresaw, such as erecting windmills that force poor people off their farms. Carbon offsets are the environmental equivalent of financial derivatives: complex, unregulated, unchecked and – in many cases – not worth their price.

Stanford University researchers found that up to 2/3 of offsets in international markets are not delivering any additional reduction in emissions compared to business as usual, which means that buyers are getting ripped off and the offsets are doing nothing to slow climate change. The attempt to “buy” our way out of climate change has left us with a corrupt system with little accountability where very little is done to reduce emissions.

At RAN, we began the Climate Action Fund (CAF) to take a fundamentally different approach. Starting with our own organization, we calculate the annual carbon emissions associated with our operations, including travel. We then apply an internal price — effectively a tax — on that carbon. These modest revenues are then invested directly in frontline community groups that are organizing against the extraction and combustion of dirty fossil fuels in the first place.

The Climate Action Fund is also open to individuals and businesses that want to participate in CAF-supported efforts to tackle the root causes of climate change. The CAF contributes 100 percent of donations directly to community organizations that are fighting to protect land and people, as well as to keep millions of tons of CO2 in the ground.

Rainforest Action Network is inspired by the work these frontline community groups are doing and honored to be able to support and promote their amazing work. We hope to be able to get more and more progressive organizations and companies involved with the CAF and learn how to green their business, reduce their carbon footprint and make direct contributions to groups on the frontlines of the battle to end our addiction to dirty fossil fuels and reduce dangerous carbon emissions contributing to climate change.

Get started with Climate Action Fund!

Addiction – noun \ə-ˈdik-shən, a-\: persistent compulsive use of a substance known by the user to be harmful. (Merriam-Webster)

Citi has a problem. Despite renewing its vows in 2009 to tackle “Environmental and Social Risk Management,” including mountaintop removal coal mining, Citi is relapsing into fossil fuel addiction.

Last year, Citi raised more than $34 billion for the coal and oil industries, but raised less than two percent of that amount for companies developing renewable energy like wind and solar.

Dirty deals led by Citi last year included a $500 million bond issued by Transcanada, proponent of the Keystone XL pipeline. The $7 billion pipeline would carry crude oil strip-mined from Canada’s tar sands 1,800 miles south to the Gulf States for refining. The project would triple US oil imports from the tar sands and threaten the largest fresh-water aquifer in the world, while keeping the United States addicted to oil for many decades to come.

Citi also led the combination of Massey Energy and Alpha Natural Resources. At over $7 billion, the acquisition creates the largest mountaintop removal coal mining company in the country. MTR has devastated the Appalachian landscape and displaced hundreds of families from the region.

Other low points from 2010 include raising $1.3 billion for BP and Transocean — the companies responsible for the Gulf oil spill.

Citi needs to stop making excuses and denying that it has a problem. That’s why RAN is staging an intervention. Today, people around the world are making a difference in all of our futures by picking up the phone and calling a banker at Citi. This is no email petition, we’re actually putting our supporters on the phone with the bankers that need to know about Citi’s financing of fossil fuels so that they can help their company change course.

If you are a Citi employee reading this and want get in touch with RAN, please email answers@ran.org.

Citi bank took the financial lead on this deal, a move that drew strong criticism. Here’s the transcript of a letter from 15 community organizations, environmental NGOs, science groups and faith groups, that was sent to the bank’s CEO, Vikram Pandit:

February 03, 2011

Dear Mr. Pandit:

We write to express concern at your decision to provide both financial advice and financing commitments to Alpha Natural Resources in its acquisition of Massey Energy.

As you know, mountaintop removal (MTR) coal mining is one of America’s worst environmental violations. Every day, across Appalachia, the coal industry literally blows the tops off mountains: clearcutting forests, wiping out natural habitats, poisoning rivers and drinking water and obliterating entire communities. Not only are these mountains lost forever, but also the heritage and the health of families across the region are being sacrificed.

In 2009, you announced a “robust MTR Environmental Due Diligence Process,” giving us hope that Citi was reducing its financial backing for this most destructive mining practice.

The announcement of the Alpha-Massey deal demonstrates that your policy is not producing results. Massey and Alpha are collectively responsible for more than 26 percent of all MTR mining in Central Appalachia. As a lead in this transaction as well as a longtime financier of Alpha Natural Resources, Citi has a responsibility to more effectively address its enormous exposure to mountaintop removal coal mining.

We call on you to strengthen your 2009 MTR Due Diligence Process with a clear exclusion on financing MTR, ending financing across the board for companies that use this egregious practice.

Sincerely,

Rebecca Tarbotton, Rainforest Action Network
Natural Resources Defense Council
Janet Keating, Ohio Valley Environment Council
Vernon Haltom, Coal River Mountain Watch
Michael Brune, Sierra Club
Teri Blanton, Kentuckians for the Commonwealth
Southern Appalachian Mountain Stewards
Larry Gibson, Keeper of the Mountains Foundation
Union of Concerned Scientists
Ingrid Lakey, Earth Quaker Action Team
The Alliance for Appalachia
Kentucky Mountain Justice
Waterkeeper Alliance
Johan Frijns, BankTrack
Statewide Organizing for Community eMpowerment

First off, we have to commend UBS and other banks for choosing to make environmental and social commitments public. Transparency is a critically necessary component of responsible banking, and UBS’ move to define certain “no go” activities also merits praise. By making these exclusions and its broader commitments public, UBS sets a good example for its industry peers.

That said, transparency doesn’t turn wrong into right. UBS still finances some of the most environmentally and socially irresponsible industries around, and we don’t expect these relatively weak commitments to change that fact.

Frankly, many of the commitments ring hollow. One wonders why it has taken so long for UBS to disavow financing illegal logging, for example. At the same time, illegal logging is so prevalent in the tropics, with more than half of tropical timber in international trade estimated to come from illegal sources, that UBS is going to have to greatly strengthen its due diligence procedures if civil society is going to have any confidence in this commitment. And that will require continuing to work closely with the civil society groups that have been raising these issues to make implementation credible.

UBS totally misses the mark on palm oil. Practically speaking, limiting financing to companies that are members “in good standing” with the Roundtable on Sustainable Palm Oil won’t limit financing at all. “Good standing” has more to do with paying membership fees than changing practices (more on that from Ashley’s November post). A proper palm oil policy would suspend financing of palm oil plantations linked to social conflict and environmental destruction.

UBS’ forest commitments also need to go farther. Avoiding clients severely damaging High Conservation Value Forests is, of course, a good thing. But I suspect we’d differ on which clients fall within that description. The commitment also needs to include high carbon value forests and peatlands, the destruction of which is a major contributor to climate change

On energy, the new UBS policy doesn’t amount to a hill of beans. On mountaintop removal coal mining (MTR), the bank says “we need to be satisfied that the client is committed to reduce over time its exposure to this form of mining.” Back in November we called this commitment “a step in the right direction.” Then came Saturday’s announcement that industry heavyweight Alpha Natural Resources would acquire the notorious Massey Energy. And just one day after the policy announcement at UBS, guess who advised Massey on the deal? That’s right, UBS helped to create the largest single mountain top remover in the country, responsible for fully 25% of coal production from MTR mines. How’s that for due diligence!

So far, no word from UBS on what kind of linguistic gymnastics it took to squeeze that deal through its apparently worthless MTR policy. Prove us wrong!

Bill Barclay also contributed to this post.

On Saturday Alpha Natural Resources announced that it had bought out the company in a deal worth $8.5 billion.

That’s a high price for the stock – metallurgical coal looks lucrative to short-sighted investors as the competing Australian coal industry took a huge hit from the recent flooding.

The paradox here is that the more coal that we burn, the more extreme weather events, such as floods, we’ll have to endure, and that’s a terrible long-term investment choice.

That’s why we’re calling on the finance industry to get out of the coal game. No reputable bank should have anything to do with a company like Massey, or a company like Alpha. Citi and Morgan Stanley, two banks that guaranteed money to Alpha for the deal, are failing their responsibility and need calling to account.

A Massey sell off has seemed inevitable for months, especially following the departure of the “Dark Lord of Coal Country” Don Blankenship in December.

It remains to be seen what this sale will mean for the people who live and work in the coal-producing communities, who for years have endured extreme environmental devastation and worker safety violations. At a glance, it’s not looking great: the Charleston Gazette’s Ken Ward has the lowdown about Alpha’s dubious safety record.

So, farewell, Massey, soon you’ll be gone, like the mountains and lives you’ve destroyed. And what a legacy you leave: from violently busting unions, to poisoning countless families’ drinking water, from blowing away Appalachia’s mountains, to the deadliest US coal mining disaster in 40 years. We’ll have no fond memories of you.

AP Photo/Jeff Gentner

Joe Manchin is off to a poor start as the new Senator for West Virginia. Many of his constituents are furious he skipped out on the Senate’s “Don’t Ask Don’t Tell” (DADT) repeal vote on Saturday in order to attend a Christmas party. Meanwhile, he still finds time for pointless posturing on behalf of the coal industry.

Manchin was the only Democrat not to vote “yes” to repeal DADT, hailed as “the defining civil rights initiative of the decade”. He is facing sharp criticism in his home state for neglecting the duties of his office and hiding from tough issues.

Would he have skipped the vote if it had concerned the coal industry? His actions today suggest not. Manchin publicly released a joint letter with Senator Rockefeller to issue another complaint about the Obama administration’s efforts to reduce the damaging impacts of mountaintop removal coal mining — specifically the EPA’s ongoing efforts to veto the Clean Water Act permit for Arch Coal’s Spruce Mine, the largest such permit in West Virginia history.

It’s now mid-December and we’re still waiting on EPA boss Lisa Jackson to make a final announcement on the fate of Pigeonroost Hollow — one of the six valleys that, along with seven miles of streams, face burial by the Spruce mine in West Virginia.

It seems an obvious decision to me — the report we commissioned from Downstream Strategies earlier this year clearly shows how the proposed mining at this site violates the Clean Water Act.

Like RAN, EQAT felt this was a positive move, but that PNC needs to go further and completely pull their financing of these companies.

Here’s what the EQAT team had to say about their protest:

We had a wonderful action in Philadelphia with over 40 in attendance, Quaker and non-Quaker.  Swarthmore students put on a rousing performance of street theater outside the Environmental Protection Agency  (You can see “Federal EPA Administrator Lisa Jackson” preparing to tear up coal mining permits in the pictures!), and then EQAT went to PNC — as a team of marathon runners — to celebrate our victory, commend the bank on taking a “first step”, and to push them to pull financing from all MTR.

We were barred from entry to the bank, because the Head of Security mentioned that “they had already had a little trouble in Washington, D.C.” and that they “didn’t want that happening here” — proof of the power of our actions at Appalachia Rising!

After our victory lap, The Head of Security accepted about 30 runners’ marathon numbers — as personal pledges to support PNC in “going the distance” to end mountaintop removal, and commitments to use non-violent direct action if PNC doesn’t bank with integrity.”

The original post can be found here on the EQAT blog

Here are my thoughts about how Massey could spend that money instead:

1) On medical monitoring and cancer insurance for more than 700 Rawl community members, whose water supply was contaminated by Massey injecting massive amounts of coal sludge (more than seven times the BP oil spill) into an old leaky mine.

2) On Marsh Fork Elementary School. Massey offered a token $1 million to relocate the school, which sits in the shadow of their 2.8 billion-gallon coal slurry pond. They could afford to foot the entire $8 million bill and have change to spare for upgraded facilities.

3) On new homes for all the former residents of Lindytown — a ghost-town in Boone Co, WV where the entire community has been pushed out to make way for a Massey mountaintop removal mine.

4) On a memorial for the victims of all coal mining disasters (the second deadliest industry in the US) and for compensation to the families of the 54 miners who have been killed in Massey mines since 2000.

5) On a college scholarship fund for Appalachian students to study renewable energy and help transition the region away from dirty coal to a green economy.

How do you think Massey should be spending that $12 million?

The PNC protest was a success. Shortly afterward, PNC announced a new policy on financing companies engaged in mountaintop removal.

The four arrestees, Alexa Ross, Liz Nerat, George Lakey and Reverend Billy Talen recently appeared in a DC courthouse to face charges of illegal entry at PNC’s bank branch. The presiding judge happened to be a former civil liberties lawyer who discussed having seen the Beehive Collective’s presentation on mountaintop removal coal mining. The PNC Four were able to tell the Judge about the bank’s role in MTR financing, PNC’s new position on the issue, and why the group felt compelled to protest inside the bank.

All four accepted a plea agreement. As long as they do not get arrested for nine months, all charges will be dismissed. Thanks to the PNC Four for playing such an important role in pressuring PNC to take mountaintop removal mining seriously!

TAKE ACTION

Interested in taking action to stop mountaintop removal coal mining in America? Tell EPA head Lisa P. Jackson to veto the largest MTR site ever proposed in the history of the United States.

COMMENT

Tell us below how you’d like to get involved with putting en end to the barbaric practice of MTR.

UBS is the eighth bank to do this! Significantly, UBS has been the biggest funder of MTR coal mining, including the worst of the worst, Massey Energy (rumored to be in such terrible difficulty that its up for sale).

UBS says that “regulations around MTR mining are becoming increasingly stringent, also reflecting public unease about this mining practice.”

They go on to say “As part of this review, UBS assesses to what extent companies rely on MTR mining for their revenue generation, and UBS needs to be satisfied that the client is committed to reduce over time its exposure to this form of mining.”

While a statement like this is a step in the right direction, there is still no clear commitment from UBS to stop funding any of the MTR coal companies. This is a stark contrast to the position recently announced by another Swiss banking giant, Credit Suisse.

Thanks to everyone who contacted UBS to get them to take this step. Clearly, we must keep up the pressure and urge them to go all the way and stop financing the destruction of the Appalachian Mountains.

Proud of their green wall, now PNC have an MTR policy to be proud of too

I’m saying ‘Thank you’ this week to PNC bank — which has just released its public position on Mountaintop Removal (MTR) Coal Mining.

Here’s PNC’s policy in full — and a key extract:

MTR is the subject of increasing regulatory and legislative scrutiny, with a focus on the permitting of MTR mines. While this extraction method is permitted, PNC will not provide funding to individual MTR projects, nor will PNC provide credit to coal producers whose primary extraction method is MTR.

We’ve been calling on PNC for many months to end their MTR financing, so I asked why the company made this new policy public. PNC responded that awareness of mountaintop removal and its impacts has been growing and that groups like RAN put the issue on their radar.

This move makes PNC bank number seven to issue a position on MTR, following in the footsteps of Bank of America, Citi, Morgan Stanley, JPMorgan Chase, Wells Fargo and Credit Suisse. You can read our assessment of these policies in RAN’s report card on banks and MTR.

On the face of it, PNC’s policy looks comparable with those released by the big Wall Street banks, but not as strong as the Credit Suisse policy — Credit Suisse has a complete exclusion on financing companies who engage in MTR coal extraction.

As with all bank policies, we’ll understand what PNC’s policy really means in practice as we monitor their financial dealings with the coal industry over the coming months. Until then we can only speculate, but let’s base that speculation on what’s happened previously. As the New York Times reported this August, neither Bank of America nor JPMorgan Chase (who both have positions similar to PNC’s on MTR) has done business with Massey Energy since they adopted their policies.

In recent years, PNC has provided financing for six of the biggest MTR coal mining companies, earning them the title of “US Leading MTR funder.” We’re optimistic that this is now changing.

Appalachian communities have built a strong movement against the devastating practice of mountaintop removal mining in their backyards, and a larger national movement against coal is brewing. And certainly falling natural gas prices don’t help the coal industry either.

Of course, we are in an election year, and panic and fear-mongering trump rationality. Instead of viewing the coal industry as a behemoth slowly losing power and influence, politicians in coal states are clinging ever tighter to the coat tails of this struggling industry.

West Virginia’s senate race is the best example of this that I’ve seen this year. West Virginia’s Democrat Governor, Joe Manchin, is running for U.S. Senate against Republican John Raese. The campaign is fierce, and neither candidate is a shoe-in. What is fascinating about this race is that the loudest debates between Manchin and Raese have been about who is a better “friend of coal” in West Virginia. In an effort to prove loyalty to the dirty industry, Manchin has gone so far as to sue the EPA over their efforts to regulate mountaintop removal in central Appalachia.

West Virginia is a state with a mono-economy that relies almost entirely on jobs and revenue from coal. Unfortunately, the coal industry hasn’t paved West Virginia’s roads with gold, quite the opposite, the state has a high poverty rate and unemployment is an ongoing problem. Rather than taking an opportunity to show real leadership by helping West Virginia build a stronger economy that doesn’t rely solely on coal, Both Manchin and Raese are stubbornly tying the economic future of West Virginia’s communities to the future of the coal industry.

For the future of the planet, I hope that Manchin and Raese are wrong. I would love to see the coal industry bite the dust and be replaced by a renewable industry (hopefully one that doesn’t hold politicians in a strangle-hold of power and influence, but that’s another post.) For the future of West Virginia’s people, however, I hope that Manchin, Raese, and other coal-state politicians see the error of their ways before it’s too late.

Kayford Mountain

After a successful mobilization a few weeks ago in Washington D.C., the mountain justice movement is meeting again this weekend for Mountain Justice Fall Summit on Kayford Mountain, West Virginia. Kayford is the home of anti-MTR activist Larry Gibson.

Expect lots of good stuff to be happening at Kayford this weekend.

Mountain Justice Fall Summit on Kayford Mountain!

This October 22nd-24th, the 5th annual Mountain Justice Fall Summit will be held on Kayford Mountain in the Southern West Virginia coalfields. Coming on the heels of Appalachia Rising, we are building momentum and standing together in the coalfields for the abolition of surface mining.

Stand up for the mountains and future of Appalachia.
Be a part of a mass movement that says stop mountaintop removal and hire West Virginians to reclaim whats already been destroyed.

Below is a link to the Schedule for this weekend’s event, as well as a link to the Orientation page for the weekend.

* Mountain Justice Fall Summit Schedule
* Mountain Justice Fall Summit Orientation Packet
* Fall Summit QuarterSheet

Over 500 mountains have been destroyed and over 1,000 miles of streams have been buried in valley fills. Mountaintop Removal (MTR) continues to cause irreversible damage to the environment and aquatic systems that thousands of people rely on for food, water, and homes. In 1986, coal companies began stripping Kayford Mountain. Since then, “the slow motion destruction of Kayford Mountain has been continuous – 24 hours a day, seven days a week,” according to Larry Gibson, whose family has been living on Kayford since the 1700′s.

Mountaintop removal affects thousands of Appalachians on a daily basis. “We’re here on a mission, our mission is simple, we want our mountains,” said local resident Adam Hall during Appalachia Rising, “…Because every day…we grow. Our voices are heard. We get louder, and as we grow…the coal companies’ resources, they shrink, day in and day out. We will have our day. We will win this fight. No more MTR. No more sludge dams. No more!”

This devastating practice can not go on. Come join us for the Mountain Justice Fall Summit on Kayford Mountain, October 22-24, for a weekend of workshops and a day of action on an MTR site. For more info, contact mjfallsummit@gmail.com or 304-854-1937, or click here to register now!