New Coal “Report Card” Exposes Worst Offenders in Coal Financing
By Andrew Morris The Sierra Club, Rainforest Action Network and BankTrack last month released a list of the 10 worst offenders in coal financing. It is no surprise that banks such as J.P. Morgan, Citigroup and Bank of America are on the list, given their copious lending to companies that operate coal-fired power plants and practice mountaintop-removal mining. The 10 banks highlighted in the report loaned a combined $20 billion to coal companies. While this is a daunting figure, overall usage of coal-fired power has declined by 11 percent since