New Report Card Exposes Largest Financers of Mountaintop Removal Coal Mining
Created April 5, 2011; last updated April 5, 2011 Rainforest Action Network and the Sierra Club’s 2011 report card, Policy and Practice , ranks ten of the world’s largest banks on their financing of mountaintop removal (MTR) coal mining projects and lending policies. The report card reviews the financing practices of Bank of America, Citi, Credit Suisse, Deutsche Bank, GE Capital, JPMorgan Chase, Morgan Stanley, PNC, UBS and Wells Fargo. Mountaintop removal is a mining practice where explosives are used to remove the tops of mountains to expose thin seams of coal. Once blasted, the earth from the mountaintop is typically dumped into neighboring valleys, which poses significant threats to water quality in Appalachia and undermines the objectives and requirements of the Clean Water Act. According to a 2005 environmental impact statement, nearly 2,000 miles of Appalachian str...