| By Barbara Vergetis Lundin |
The Rainforest Action Network (RAN) and Sierra Club have released their fourth annual coal report card, calling bank investments in coal "extreme."
The report evaluates the 10 largest U.S. banks based on their financing of coal, ranking the three largest banks -- Bank of America, Citigroup and JPMorgan Chase -- as the top three financiers of the "worst of the worst" companies, including the operators of coal-fired power plants and mountaintop removal coal mines.
Report findings show an 11 percent decline in the use of coal-fired power generation in the past two years and an approximately $9 billion dollar drop in investments from the three largest banks from 2011 to 2012. However, the report also finds that all ten banks still maintained an estimated $20.8 billion in investments in 2012.
"As the costs of climate disruption for our communities and future generations mount, U.S. banks continue to finance tens of billions of dollars for companies that are mining and burning coal we can no longer afford to burn," said Ben Collins, research and policy campaigner for RAN's Energy and Finance program.
The report also contends that the environmental, social and financial risks involved across the entire lifecycle of coal are likely to grow even more acute over time, calling for American banks to shift financing toward clean energy and plan for a carbon-constrained future. Specific recommendations include phasing out lending to the largest producers of mountaintop removal coal, ensuring that coal financing deals commit banks and companies to emissions reductions, and rejecting proposals for new coal export terminals.http://www.fierceenergy.com/story/bank-financing-coal-drops-still-extreme/2013-05-02?utm_medium=nl&utm_source=internal
For more:
- see the report
http://assets.fiercemarkets.com/public/sites/energy/reports/extremeinvestments.pdf
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