November 12th, 2011 by Zachary Shahan
Bank of America was once considered an environmental “leader” (at least for one thing), as it announced in 2008 that it would stop investing in companies that engage in mountaintop removal coal mining — I was surprised! Technically, they committed to “phase out financing of companies whose predominant method of extracting coal is through mountain top removal.” Well, let’s look at how this phase out has transitioned.
The phase out meant it was going to stop financing Massey Energy, a company focused on mountaintop removal coal mining. Now, though, Massey Energy has been bought by Alpha Natural Resources (Bank of America underwrote the bond, facilitating the acquisition). Under Bank of America’s policy, it can now go back to financing Massey Energy, through Alpha Natural Resources.
In total, “Bank of America underwrites loans to companies that are responsible for 40% of all the mountaintop removal coal that was mined in 2010,” iLoveMountains.org writes.
Hardly mountain- or climate-friendly!
Rainforest Action Network (RAN) has an action page set up now to help you show your disapproval of Bank of America’s horrible support for mountain removal coal mining. You can take action by committing to close your Bank of America account or by boycotting Bank of America ATMs, or both.
Want some more reasons to boycott Bank of America or close your account there? RAN’s got a few more things that might stimulate you to do so:
Wall Street banks are trashing our economy and our environment in the name of their own profits. One of the biggest banks in the world, Bank of America, is the worst of the worst: Despite taking billions in taxpayer-funded bailout money, Bank of America announced fee hikes for customers who want to use their debit cards at the same time that the bank is laying off 30,000 employees. Bank of America is also the leading forecloser of Americans’ homes and the leading funder of coal projects that are polluting our communities and wrecking the climate.
You can also “occupy” Bank of America online for a little fun.
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