BofA disses MTR

New policy would divest bank from mountain obliteration 4

In light of the crappy news from the EPA, which seems ready to make mountaintop removal coal mining easier by loosening restrictions on burying Appalachian streams with mining rubble (when's the "protection" part of this agency going to speak up?), there's this bit of hope in NRDC's blog about Bank of America, which just revised its "coal policy" [PDF] after some execs visited the region and did some flights over the affected areas.

The policy says in part that it 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."

That NRDC seems to take an inordinate amount of credit for this is not too surprising, as it's in their blog, and they do acknowledge Rainforest Action Network, but the author ignores the enormous groundswell of grassroots energy that has done just as much to force BofA's hand, including Ohio Valley Environmental Coalition, which has been sending people to BofA shareholder meetings and was part of the BofA visits, Coal River Mountain Watch, Mountain Justice Summer, Christians for the Mountains, Appalachian Voices, and dozens of others. Well done, all. Another tiny nail in the coffin of MTR ...

Erik Hoffner is the coordinator of the Orion Grassroots Network which supports the work of hundreds of grassroots groups and which connects the green leaders of tomorrow with good work today via the Grassroots Jobsource. Based in Massachusetts, he is also a freelance photographer.

Related Stories

Advertisement
Advertisement

  1. Nell Greenberg Posted 8:20 am
    04 Dec 2008

    BofA Decision Testament to Coal MovementErik, i could not agree with you more. Bank of America's decision is a testament to the hard work of Appalachian communities and anti-coal activists across the country, who have been campaigning on Bank of America for over a year. It shows what can be done by working inside and outside the boardroom.
    The devil is in the details with this policy, and Bank of America needs to issue a timeline for the phasing out of their financing with further explanation of what will and will not continue to be financed. This is only a victory when we start to see the results on the ground.
    A small taste of the role responsible banks could play in mitigating the climate crisis.
    -Nell Greenberg, Rainforest Action Network

    Permalink

  2. wesrolley Posted 12:58 pm
    04 Dec 2008

    First B of A, then the restThis is a great first step.  There are very good reasons that I have an account with CitiBank.  It has to do with the ease of maintaining accounts with relatives in Japan.
    However, I will still tell CitiBank that they should follow the lead of B of A, adopt a similar policy or I will move my account.
    I would encourage everyone with an account at a major bank to do the same.  Right now is a good time to do so when no bank wants to lose any deposits.

    Wes Rolley



    CoChair - EcoAction Committee

    Green Party US

    Permalink

  3. Erik Hoffner's avatar

    Erik Hoffner Posted 1:12 am
    05 Dec 2008

    languageThanks, Nell, for RAN's leadership on this. Yes, it is a grassroots success. The language of the policy is loose, of course, and it'll be something of a miracle if they stick closely to it, but hey, that's one of the things activists are for, ensuring accountability.
    Erik

    The Orion Grassroots Network: supporting grassroots groups working for conservation, justice, & more

    Permalink

  4. Ted Nace's avatar

    Ted Nace Posted 5:19 am
    05 Dec 2008

    More background on the B of A announcementIn addition to the groups listed above, other groups involved in the wave of nonviolent direct action against Bank of America include Rising Tide North America, Student Environmental Action Coalition, and Energy Justice Network. Check out this CoalSwarm backgrounder on citizen action targeting Bank of America and this CoalSwarm survey of worldwide direct action protests against coal in 2008 for more details.

    Help build CoalSwarm-- a shared informational resource on coal and alternatives to coal.

    Permalink

Add a Comment

You are not logged in. Thus, you cannot post a comment. If you have an account, log in. If you don't have an account, well, by all means go make one! Meet you back here in five.

Hello, Visitor!    Why not register?

Viewed
More
Commented
More
Advertisement