US banks under fire for investing in coal

Published: Thursday 15 November 2007

-- (Credit: RAINFOREST ACTION NETWORK)An environmental group called on two us banks to stop underwriting a 'coal rush' to build 150 new coal-fired power plants in the country.

Targeting Citigroup and Bank of America, the us- based Rainforest Action Network unveiled research on the banks' investments in the coal industry and announced a campaign against the financial sector's multi-billion dollar investments in dirty energy and for clean energy solutions.

The group accused the banks of pledging to address global climate change but still funding coal companies that contribute to greenhouse gas emissions. Citigroup was the top underwriter of coal in 2006, financing more than us $38 billion, except only one project for renewable energy. Bank of America mostly financed companies that practise mountaintop removal mining, it said in a press release.

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