Future Standards

In a bold move for the financial world, Bank of America takes the lead in eco-investment by pledging not to support companies which partake in mountaintop removal mining.

“Today, BofA released its revised coal policy, which will have the immediate effect of curtailing commercial lending to companies that mine coal by blowing off the top of mountains.  The policy states, in part:

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.

Why is this significant?  Consider that Bank of America stands as a pillar of our country’s shaky financial system.  In fact, the trying economic crisis has only served to strengthen this behemoth bank while other once proud and stable institutions fall by the wayside.  All the more reason to engage BofA in using its investment power and influence to affect positive environmental change.”

http://switchboard.nrdc.org/blogs/rperks/bank_of_america_puts_a_deposit.html

Hopefully this will start to choking of the money currently going to coal and get diverted toward renewables.