Bank releases coal policy
Just last week, the state of California recognized Bank of America as a recipient of the 2008 Governor's Environmental and Economic Leadership Award (GEELA) for the energy efficiency and conservation methods that B of A takes in the state.
The company's energy policy states:
One of the most significant challenges our country faces is to develop secure, clean and affordable sources of energy to power our society, grow our economy and protect the environment. In pursuit of that goal, we at Bank of America have developed policies that promote the efficient production, conversion, delivery and consumption of energy to help make the necessary transition to a sustainable energy future. Source: Bank of America
Bank of America is making news again for its commitment to environmental issues. Earlier this week, the financial institution published the Bank of America Coal Policy that addresses carbon capture technology, a commitment to the Carbon Principles and a statement about the mountain top mining method of coal extraction.
Bank of America plans to "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." Source: Bank of America Coal Policy
Bank of America appears to be emerging as the environmentally conscious leader among its major national bank competitors. Granted, there are only a few major banks left but it is reassuring to see Bank of America take this step.
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