The Rainforest Action Network, joined by the Interfaith Center on Corporate Responsibility, yesterday declared war on the two largest banks, alleging that Citi and Bank of America are financing a “coal rush” that is the leading cause of world climate change.
“As investors, when we look at the proposition of financing 50-year assets that will add to greenhouse gas emissions of this country, we must step back and say: ‘What are they thinking,’” said Leslie Lowe, energy and environment program director at the ICCR, a 35-year-old coalition that represents 275 faith-based institutional investors.
During a press conference yesterday, Rebecca Tarbotton, director of RAN’s Global Finance Campaign, said protests would be organized against the banks to raise both media attention and public pressure. “Until Citi and Bank of America stop financing the biggest causes of climate change, they should expect a multilateral campaign that involves international grassroots pressure, shareholder and board engagement, protests and significant negative media coverage,” Tarbotton said.
“As investors, when we look at the proposition of financing 50-yearassets that will add to greenhouse gas emissions of this country, wemust step back and say: ‘What are they thinking,’” Leslie Lowe, ICCR
“Here in West Virginia, coal companies are using three-and-a-half millions pounds of explosives a day to bomb our homes and mountains,” said Judy Bonds, founder of Coal River Mountain Watch, a citizens action group in West Virginia that like Step It Up has joined the RAN campaign in targeting the financiers of new coal-mining initiatives.
Citi and BofA are specifically being targeted because, according toRAN, they are the two largest investors in coal-fired plants and haveannounced green initiatives aimed at reducing their carbon footprintsas corporations. BofA announced a $20-billion investment initiativeearlier this year to fight climate change while Citi has committed $50billion over the next 10 years to invest in eco-friendly initiatives.