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Greens to banks: stop underwriting coal.

The California-based nonprofit Rainforest Action Network Rainforest Action Network (RAN) is an environmental organization based in San Francisco, California, USA.

The organization was founded by Randy "Hurricane" Hayes in 1985.
 (RAN) launched a new campaign last week, trying to influence financial sector powerhouses Citi Group and Bank of America
See also:  and

Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
 to shift their investments away from coal and other dirty-energy projects and toward clean energy alternatives.


Coal-fired power plants, while relatively inexpensive to operate, take their toll on the environment in several ways. For starters, coal mining devastates the environment and the viability of surrounding communities, especially when it takes the form of the mountaintop removal mining The examples and perspective in this subject are USA based and may not represent a worldwide view of the subject.
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 now common in Appalachia. But of even greater concern to environmentalists is the fact that coal-fired power plants top all other sources of carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure.  emissions in the U.S., besides being the largest source of toxic mercury and a top contributor to air pollution, asthma and other environmental woes.

According to according to
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

 research cited by RAN, Citi was the top underwriter of the U.S. coal industry in 2006, with Bank of America following closely behind. Both banks are top lenders to companies proposing to build new coal-fired power plants that, if built, would emit more than 600 million tons of carbon dioxide annually, potentially negating other efforts to combat global warming global warming, the gradual increase of the temperature of the earth's lower atmosphere as a result of the increase in greenhouse gases since the Industrial Revolution. .

"Bank of America and Citi have the power and the responsibility to stop the imminent climate catastrophe," says RAN's Rebecca Tarbotton. "Rather than taking baby steps on climate change, these banks need to treat this crisis with the urgency they usually reserve for their fiscal bottom line and immediately shift their investments away from coal and toward a clean energy future." Tarbotton adds that until the two banks stop financing coal extraction and electricity generation, they should "expect a multilateral campaign that involves international grassroots pressure, shareholder and board engagement, protests and significant negative media coverage."

Sources: Rainforest Action Network; Planet Ark Planet Ark is an Australian not-for-profit environmental organisation that was set up by the Australian tennis player Pat Cash and international charity campaigner Jon Dee in June 1991.  
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Title Annotation:THIS WEEK; Rainforest Action Network
Author:Scheer, Roddy
Publication:Our Planet
Article Type:Brief article
Date:Oct 8, 2007
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