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US banks risk public health and climate by financing coal

Rainforest Action Network, BankTrack and the Sierra Club released the “Coal Finance Report Card 2012”, their third annual ranking of the largest financiers of mountaintop removal coal mining and coal-fired power plants. The report looks at the stated policies for mountaintop removal and coal financing from each of the largest US Banks and assigns a letter grade to how well they uphold these policies based on investments, transactions and ownership of coal mining and coal burning utility companies.

Fared poorly banks such as Bank of America, Citi, GE Capital, Goldman Sachs, JP Morgan Chase, Morgan Stanley, PNC, Wells Fargo. Besides, in this year’s “distinguished” was five largest investors in the coal industry. They are: Bank of America, JP Morgan Chase, Citi, Morgan Stanley and Wells Fargo.

More informations on Rainforest Action Network website.