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Banks Doing Something Right?
Posted by Dan Stafford on 2010-08-12

Sometimes it's a little challenging, in our complex society, to see situations in purely black and white standards. Banks are a great example. Right now, the financial industry has gone through a lot of scrutiny, and has had their share of problems. 

But, I'll give them credit for taking the right stance on MTR. According to the Rainforest Action Network (RAN), four of the largest financial institutions have begun backing away from funding mountaintop removal mining (MTR) practices, and in particular the largest company practicing MTR, Massey Energy. 

Evidently, Bank of America, JP Morgan Chase, Citi, and Wells Fargo have all been halting funding for MTR projects, and adopting policies critical of the practice. 

Now, don't get me wrong, I don't think these massive financial giants have necessarily grown a conscience. I believe that years of grassroots activism by groups like us, RAN, Sierra Club, and dozens more has helped develop a political climate that makes MTR not just a bad word, but a financially untenable action. 

Say what you want about them but banks operate in their own self interest, so often the job of the environmentalist is to prove that certain enterprises - renewable energy - is a good investment and others - fossil fuel extraction - are not. 

Once the money dries up, so to will the environmentally destructive practices. Massive kudos to RAN, who are known for their great work at tackling the economics of environmental issues. 


 
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