Shareholders Press Bank of America for Coal and Climate Finance
May 7, 2014
10:23 AM
CONTACT: Rainforest Action Network (RAN)
Kerul Dyer, kdyer@ran.org, 415-866-0005
Shareholders Press Bank of America for Coal and Climate Finance
Charlotte, NC - May 7 - An international coalition of shareholders and community leaders from as far away as Bogota, Colombia, will testify to the grave impacts resulting from Bank of America’s financing of the coal industry at the bank’s Annual General Meeting today in Charlotte, North Carolina. Shareholders will also consider a resolution requesting the bank to report carbon emissions stemming from financing of carbon-intensive industries. Coal is the top contributor to greenhouse gas emissions (GHG) that cause climate change.
The proposed resolution requests that Bank of America provide an assessment and report on its financing of GHG emissions. It was introduced by members of the Interfaith Center for Corporate Responsibility (ICCR) and endorsed by a coalition of institutional investors with nearly $35 billion in managed assets.
“Coal is still a big problem for Bank of America, as it continues to finance billions of dollars each year to the dirtiest companies in the business,” said Ben Collins, Policy Campaigner for Rainforest Action Network. “Shareholders proposed a resolution that the bank come clean on its accounting-- and report the climate consequences of its financing decisions in the light of day.”
In addition to potential “stranded assets” resulting from a changing climate, delegation members in today’s shareholder meeting testified to the impacts and liabilities for the bank. Santiago Piñeros, an attorney with Social Thought and Action, a Non-Governmental Organization (NGO) based in Bogota, Colombia, traveled to North Carolina to report on the risks the bank may face related to its financing of Drummond Coal.
“Bank of America invests in a coal company that does not respect environmental standards or human rights in Colombia,” said Santiago Piñeros, Staff Attorney at Social Thought and Action in Colombia. “The money from Bank of America is used by Drummond LTD to threaten the right to a healthy life and environment in the communities where they operate. Drummond is a company that operates with no due diligence to protect and respect the human, economic and cultural rights of its workers and the people living near coal mines.”
More:
http://www.commondreams.org/newswire/2014/05/07