Large Banks Backing Up Away From Financing Mountaintop Removal Mining
Companies that destroy the environment are having a hard time getting loans from financial institutions. Mountaintop removal mining is just one of the examples of a business that financial institutions get huge profit funding to, although the business is destructive. Banks are now being held responsible for financing environmental destruction like this as a result of court decisions and protesting by environmental groups. Financial institutions want to do anything they can to please and keep customers. This is why many banking companies have decided to stop lending to any businesses that have risk of environmental damage. Article source – Big banks backing away from financing mountaintop removal mining by Personal Money Store.
Banks reconsider lending for environmental destruction
Mountaintop removal mining businesses will always get their money someplace. But the New York Times reports that bank industry analysts are saying intense debate about climate change, water quality standards and other environmental issues is compelling lenders to think twice about where they extend credit and to whom. Wells Fargo thinks that mountaintop removal mining has received “considerable attention and controversy” for the business. The banking behemoth said its financing for mountaintop mining businesses was “limited and declining.” The decision by Wells Fargo emulates similar policy shifts by Credit Suisse, Morgan Stanley, J.P. Morgan Chase, Financial institution of America and Citibank. All these banks vowed to either reconsider lending to mountaintop mining businesses or to discontinue funding them altogether.
Purchase cheap coal with mountaintop removal mining
Appalachian region environmentalists used Monday to try and convince the Obama administration that mountaintop mining should be outlawed. The Associated Press reports that the group announced it will hold a rally in Washington Sept. 27 and invited the president to attend. Forests have to be cut before mountaintop removal can begin. They have to use explosives then. This is to break huge rock. Next you have to have a special machine to scoop up 800 feet of mountaintop, but the machine has to be 8 stories high. Coal could be shown then. The earth left behind is dumped into the valleys below, covering streams and wildlife habitat. This may be the cheapest way to get coal which gives tens of thousands of jobs to the economy, operators say. The Appalachian coal industry is hoping no to lose numerous jobs with this. It plans to have a rally in Washington on September 15 to show its support for coal.
Many banks excited to make the loans
Since 2007, financial institution funding for mountaintop removal mining businesses has been a target of the Rainforest Action Network (RAN). According to organicconsumers.org, the top four banking companies within the country have stopped lending to the leading mountaintop mining business in West Virginia, Massey Energy, because of these efforts. Massey Energy was involved in a mine explosion in April. This was the, Upper Big Branch mine, explosion that killed 29 miners. Other banks are excited to fill this void now. According to Bloomberg data, PNC and UBS are presently the lead financiers of mountaintop removal mining. PNC finances mining corporations responsible for almost half of all environments removal coal mined in the United States.
New York Times
nytimes.com/2010/08/31/business/energy-environment/31coal.html?_r=1 and dbk
Associated Press
google.com/hostednews/ap/article/ALeqM5iRFjIvp7yDpMnistp_aolQIRAj_QD9HTVS4O0
Organic Consumers
organicconsumers.org/articles/article_21396.cfm
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