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Credit exposure to coal limited

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World Coal,

Recognising the risk that future regulation and competition from natural gas poses to the industry, Bank of America has announced that it will reduce its financial exposure to coal companies.

At the bank’s annual meeting, the group announced that it would reduce lending to coal extraction companies and coal divisions of broader mining companies.

The announcement coincides with a large scale fossil fuel divestment movement. Universities, churches and large asset owners are being pressured to abandon or control their investments in high-carbon energy.

Global bank HSBC has argued that Bank of America's new policy arose from pressure from universities and environmental groups.

The Rainforest Action Network Climate, one of the groups that pressured Bank of America on this issue, said the announcement represented a "sea change".

Edited from source by Joseph Green

Source: Reuters

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