{"id":9345,"date":"2021-02-12T18:55:10","date_gmt":"2021-02-12T17:55:10","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=9345"},"modified":"2023-02-28T18:13:54","modified_gmt":"2023-02-28T17:13:54","slug":"bank-of-america-fails-the-coal-policy-test","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/02\/12\/bank-of-america-fails-the-coal-policy-test\/","title":{"rendered":"Bank of America fails the coal policy test"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><span style=\"color: #8ac56b;\"><b><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">Bank of America<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> (<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">BofA<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">)<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">, <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">the second largest bank <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">i<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">n the United States<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">,<\/span><\/span> <span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">published <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">in February 2021 its <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">updated<\/span><\/span> <a style=\"color: #8ac56b;\" title=\"\" href=\"https:\/\/about.bankofamerica.com\/assets\/pdf\/Environmental-and-Social-Risk-Policy-Framework.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span class=\"TextRun Underlined SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">Environment<\/span><\/span><span class=\"TextRun Underlined SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">a<\/span><\/span><span class=\"TextRun Underlined SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">l and Social Risk Policy Framework<\/span><\/span><\/u><\/a><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">, <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">which completes the 2019 version<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">. <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">Bank of Americ<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart SCXW41220070 BCX0\">a set<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">s<\/span><\/span> <span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">\u201c<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">a goal to achieve net zero emissions from <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">its <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">operations, supply chain and financing activities before 2050<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">\u201d<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">, in alignment with the Paris Climate Agreement<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">. <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">However,<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> the current<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> policy, which includes <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">some <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">wording on <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">oil sands<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> but no exclusion<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">s<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> at all<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">, remains highly incomplete<\/span><\/span> <span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">in<\/span><\/span> <span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">regard to<\/span><\/span> <span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">the <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">coal <\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">sector<\/span><\/span><span class=\"TextRun SCXW41220070 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41220070 BCX0\">.<\/span><\/span> <span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\">New <\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">coal<\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> mines or plants are <\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">immediately<\/span><\/span> <span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">excluded<\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\">, but <\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">this<\/span><\/span> <span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">policy<\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> ignores all <\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">companies<\/span><\/span> <span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">involved<\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\"> in thermal <\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2 SCXW41220070 BCX0\">coal<\/span><\/span><span class=\"TextRun MacChromeBold SCXW41220070 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41220070 BCX0\">.<\/span><\/span><\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><b style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #59bc6d;\">1. <\/span><span style=\"color: #e5e3e3;\"><strong><span style=\"color: #59bc6d;\">What&rsquo;s new<\/span><\/strong><\/span><\/b><\/p>\n<p><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">While its former <\/span><\/span><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">framework, published in 2019, only <\/span><\/span><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">excluded<\/span><\/span> <span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">new coal plants in developed countries<\/span><\/span><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">, Bank of America now makes a commitment not to<\/span><\/span><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\"> engage in the following types of activities<\/span><\/span><span class=\"TextRun SCXW103492463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103492463 BCX0\">: <\/span><\/span><\/p>\n<ul style=\"font-weight: 400;\">\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"17\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">D<\/span><span data-contrast=\"auto\">irect financing of new thermal coal mines or the expansion of existing mines;<\/span><\/li>\n<\/ul>\n<ul style=\"font-weight: 400;\">\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"17\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">D<\/span><span data-contrast=\"auto\">irect financ<\/span><span data-contrast=\"auto\">ing of<\/span><span data-contrast=\"auto\"> the construction or expansion of new coal plants, including refinancing<\/span><span data-contrast=\"auto\"> of<\/span><span data-contrast=\"auto\"> recently constructed plants, unless those facilities employ carbon capture technology<\/span><span data-contrast=\"auto\">.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">Moreover, <\/span><\/span><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SpellingErrorV2 SCXW114934682 BCX0\">BofA<\/span><\/span><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\"> will, <\/span><\/span><b><span class=\"TextRun MacChromeBold SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">b<\/span><\/span><span class=\"TextRun MacChromeBold SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">y 2025<\/span><\/span><\/b><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">, phase out all financing of companies deriving <\/span><\/span><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">at least <\/span><\/span><span class=\"TextRun SCXW114934682 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114934682 BCX0\">25% of their revenue from thermal coal mining, unless the company has a public commitment to align its business with the goals of the Paris Climate Agreement and the transaction would facilitate the diversification of the company\u2019s business away from thermal coal.<\/span><\/span><\/p>\n<div>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #59bc6d;\">2. <\/span><span class=\"TextRun SCXW224577788 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224577788 BCX0\" style=\"color: #59bc6d;\"><span class=\"TextRun MacChromeBold SCXW242744655 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW242744655 BCX0\">Our analysis<\/span><\/span><span class=\"TextRun MacChromeBold SCXW242744655 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW242744655 BCX0\">: no<\/span><\/span><span class=\"TextRun MacChromeBold SCXW242744655 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW242744655 BCX0\">t even the bare minimum<\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><b><span data-contrast=\"auto\">Bank of America\u2019s progress on coal exclusion<\/span><\/b><b><span data-contrast=\"auto\">s<\/span><\/b><b><span data-contrast=\"auto\"> is minimal, but <\/span><\/b><b><span data-contrast=\"auto\">an <\/span><\/b><b><span data-contrast=\"auto\">e<\/span><\/b><b><span data-contrast=\"auto\">nd <\/span><\/b><b><span data-contrast=\"auto\">to <\/span><\/b><b><span data-contrast=\"auto\">direct <\/span><\/b><b><span data-contrast=\"auto\">financing <\/span><\/b><b><span data-contrast=\"auto\">of<\/span><\/b><b><span data-contrast=\"auto\"> new thermal coal mines <\/span><\/b><b><span data-contrast=\"auto\">and new coal plants <\/span><\/b><b><span data-contrast=\"auto\">is welcome<\/span><\/b><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">This was not too difficult for the US bank since<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\"> a<\/span><span data-contrast=\"auto\">ccording to the international database <\/span><span data-contrast=\"auto\">IJGlobal<\/span><span data-contrast=\"auto\">, Bank of America has not provided <\/span><span data-contrast=\"auto\">any <\/span><span data-contrast=\"auto\">primary financing <\/span><span data-contrast=\"auto\">of this kind <\/span><span data-contrast=\"auto\">in the past decade. <\/span><span data-contrast=\"auto\">Nevertheless, <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">b<\/span><span data-contrast=\"auto\">ank does not mention any prohibition relating to <\/span><span data-contrast=\"auto\">coal <\/span><span data-contrast=\"auto\">infrastructure, or to the retrofitting <\/span><span data-contrast=\"auto\">of<\/span><span data-contrast=\"auto\"> existing coal plants<\/span><span data-contrast=\"auto\">, thereby<\/span><span data-contrast=\"auto\"> extending their lifetime<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">Regarding the financing of coal companies, t<\/span><span data-contrast=\"auto\">he content of <\/span><span data-contrast=\"auto\">Bank of America<\/span><span data-contrast=\"auto\">\u2019s <\/span><span data-contrast=\"auto\">Framework<\/span><span data-contrast=\"auto\"> remains <\/span><span data-contrast=\"auto\">highly <\/span><span data-contrast=\"auto\">insufficient for several reasons:<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"18\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">BofA <\/span><\/b><b><span data-contrast=\"auto\">does not exclude any coal developer<\/span><\/b><b><span data-contrast=\"auto\">s<\/span><\/b><b><span data-contrast=\"auto\">, <\/span><\/b><b><span data-contrast=\"auto\">i.e. <\/span><\/b><b><span data-contrast=\"auto\">companies still planning to expand the coal industry despite the global consensus that <\/span><\/b><b><span data-contrast=\"auto\">coal should now be on its way out<\/span><\/b><span data-contrast=\"auto\">. Such<\/span><span data-contrast=\"auto\"> an<\/span><span data-contrast=\"auto\"> exclusion is <\/span><span data-contrast=\"auto\">the logical first step <\/span><span data-contrast=\"auto\">to make <\/span><span data-contrast=\"auto\">and the litmus test to assess the credibility of any climate commitment<\/span><span data-contrast=\"auto\">. The US bank will continue to be able to finance companies such as <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">Adani<\/span><span data-contrast=\"auto\"> group<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\"> and its infamous Carmichael coal mine project in Australia, <\/span><span data-contrast=\"auto\">for <\/span><span data-contrast=\"auto\">which it <\/span><span data-contrast=\"auto\">helped to raise more than $550m <\/span><span data-contrast=\"auto\">of bonds <\/span><span data-contrast=\"auto\">on the market between October 2018 and October <\/span><span data-contrast=\"auto\">2020.<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"18\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">he<\/span><span data-contrast=\"auto\"> coal <\/span><span data-contrast=\"auto\">phase-out announced only covers <\/span><span data-contrast=\"auto\">part of the <\/span><span data-contrast=\"auto\">coal mining<\/span><span data-contrast=\"auto\"> sector. <\/span><b><span data-contrast=\"auto\">Coal power companies, which represent a<\/span><\/b><b><span data-contrast=\"auto\"> huge part of the coal sector<\/span><\/b><b><span data-contrast=\"auto\">,<\/span><\/b><b><span data-contrast=\"auto\"> remain untouched by this new coal policy. <\/span><\/b><span data-contrast=\"auto\">On the mining <\/span><span data-contrast=\"auto\">side, <\/span><span data-contrast=\"auto\">some <\/span><span data-contrast=\"auto\">big diversified<\/span><span data-contrast=\"auto\"> mining conglomerates<\/span><span data-contrast=\"auto\"> such as <\/span><span data-contrast=\"auto\">Glencore<\/span><span data-contrast=\"auto\"> are not covered by the policy, despite <\/span><span data-contrast=\"auto\">figuring <\/span><span data-contrast=\"auto\">among the biggest coal<\/span><span data-contrast=\"auto\"> producers <\/span><span data-contrast=\"auto\">worldwide<\/span><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">BofA<\/span><span data-contrast=\"auto\"> even added a potential loophole for companies \u201cwith a public commitment to align <\/span><span data-contrast=\"auto\">their<\/span><span data-contrast=\"auto\"> business with the goals of the Paris Climate Agreement<\/span><span data-contrast=\"auto\">\u201d, which <\/span><span data-contrast=\"auto\">is yet <\/span><span data-contrast=\"auto\">to be defined <\/span><span data-contrast=\"auto\">precisely.<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"18\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Without further restrictions, Bank of America will therefore be able to continue to <\/span><\/b><b><span data-contrast=\"auto\">support <\/span><\/b><b><span data-contrast=\"auto\">many significant coal producers<\/span><\/b><b><span data-contrast=\"auto\">,<\/span><\/b><b><span data-contrast=\"auto\"> coal utilities<\/span><\/b><b><span data-contrast=\"auto\"> and coal developers<\/span><\/b><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">Between October <\/span><span data-contrast=\"auto\">2018 and <\/span><span data-contrast=\"auto\">October <\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">020,<\/span><span data-contrast=\"auto\"> the bank&rsquo;s support for the coal sector has reached $51bn according to the <\/span><span data-contrast=\"auto\">latest data available.<\/span><span data-contrast=\"auto\"> Bank of America <\/span><span data-contrast=\"auto\">financed <\/span><span data-contrast=\"auto\">Duke Energy (US<\/span><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">),<\/span><span data-contrast=\"auto\"> RWE<\/span><span data-contrast=\"auto\"> (<\/span><span data-contrast=\"auto\">Ge<\/span><span data-contrast=\"auto\">many<\/span><span data-contrast=\"auto\">) and <\/span><span data-contrast=\"auto\">Marubeni <\/span><span data-contrast=\"auto\">(<\/span><span data-contrast=\"auto\">Japan<\/span><span data-contrast=\"auto\">) <\/span><span data-contrast=\"auto\">respectively to the<\/span><span data-contrast=\"auto\"> tune<\/span><span data-contrast=\"auto\"> of $4,310m, <\/span><span data-contrast=\"auto\">$1,150m and <\/span><span data-contrast=\"auto\">$495m <\/span><span data-contrast=\"auto\">during the same <\/span><span data-contrast=\"auto\">time <\/span><span data-contrast=\"auto\">period<\/span><span data-contrast=\"auto\">.<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Bank of America lags far behind some of its global peers such as Cr<\/span><span data-contrast=\"auto\">\u00e9<\/span><span data-contrast=\"auto\">dit Agricole or BNP Paribas, which adopted some immediate exclusions at the corporate level, starting with all coal developers. They have also committed to exit<\/span><span data-contrast=\"auto\"> the coal sector by 2030 in Europe\/OECD and by 2040 worldwide<\/span><span data-contrast=\"auto\"> and requested that the companies they finance adopt coal phase-out plans aligned with these deadlines.<\/span><\/p>\n<p style=\"text-align: center;\"><span data-contrast=\"auto\"><b>Bank of America\u2019s scores in the Coal Policy Tool <\/b><br \/>\n<\/span><\/p>\n<\/div>\n<div><\/div>\n<\/div><div class=\"fusion-image-element fusion-image-align-center in-legacy-container\" style=\"text-align:center;--awb-max-width:800px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><div class=\"imageframe-align-center\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><a class=\"fusion-no-lightbox\" href=\"http:\/\/coalpolicytool.org\" target=\"_blank\" aria-label=\"Template CPT analyse politique (1)\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"900\" height=\"400\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1.png\" alt class=\"img-responsive wp-image-9365\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1-200x89.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1-400x178.png 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1-600x267.png 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1-800x356.png 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Template-CPT-analyse-politique-1.png 900w\" sizes=\"(max-width: 800px) 100vw, 900px\" \/><\/a><\/span><\/div><\/div><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: center;\"><i>This table presents the coal scores of Bank of America based on 5 criteria of the Coal Policy Tool <\/i><\/p>\n<\/div><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\">3. Our c<\/span><\/b><strong><span style=\"color: #59bc6d;\">onclusion<\/span> <\/strong><\/p>\n<p><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">Bank of America does not even meet the minimum standards required with this updated coal policy, which remains largely insufficient to meet the climate objectives set by the Paris Agreement. The US bank will continue to finance companies in the coal sector without any limitations for several years to come. Bank of America should immediately exclude all coal developers, adopt stringent and immediate exclusion thresholds and detail an overall strategy to fully exit coal at the latest by 2030 in Europe and OECD countries, and 2040 worldwide. It should also urgently update its policy regarding oil and gas.<\/span> <\/b><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-4\"><div style=\"text-align: justify;\">\n<p><b style=\"color: #59bc6d;\">Find out more :<\/b><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/about.bankofamerica.com\/assets\/pdf\/Environmental-and-Social-Risk-Policy-Framework.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Bank of America\u2019s Environmental and Social Risk Policy Framework<\/u><\/a><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/coal_policy_tool\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>The Coal Policy Tool<\/u><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":9376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[695,257,439],"acteurs_financiers":[2442],"thematique":[2421,2423],"webinar_type":[],"programme":[],"class_list":["post-9345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-bank","tag-coal-exit-plan","tag-coal-policy-tool-en","acteurs_financiers-banks","thematique-coal","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America fails the coal policy test - Reclaim Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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