A new report from the Rainforest Action Network, BankTrack, and the Sierra Club evaluates which of the nation’s mega-banks provide the most money to the coal industry.
Based on an analysis of the number of transactions that a bank was involved in, Bank of America (recently named the nations “greenest” bank by Bloomberg News for a single solar deal) comes out the worst with a total of 44 transactions. JP Morgan Chase is nipping at their heals with 42 transactions.
Grist in evaluating the report noted that, “These grades above are based on the banks’ stated policies and “how well they uphold these policies based on investments, transactions of coal mining and coal burning utility companies.”
For example, Bank of America has said it’s going to “phase out financing of companies whose predominant method of extracting coal is through mountaintop removal.” Since then, the report notes, the bank’s financed four of the largest mountaintop-removal projects in the country and underwritten 43 percent of mountaintop-removal mining in Appalachia.”
Find out you’re your bank is behaving at BankTrack.