this post was submitted on 03 Feb 2024
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192
Bank of America Pledged to Stop Financing Coal. Now It’s Backtracking. (www.nytimes.com)
submitted 9 months ago by MicroWave@lemmy.world to c/news@lemmy.world
11 comments fedilink hide all child comments
 

The changes come as Republican lawmakers step up efforts to punish businesses that consider climate change and the environment in their operations.

Two years ago, Bank of America won kudos from climate activists for saying it would no longer finance new coal mines, coal-burning power plants or Arctic drilling projects because of the toll they take on the environment.

The bank’s latest environment and social-risk policy reneged on those commitments. The policy, updated in December, says that such projects will instead be subject to “enhanced due diligence.”

Bank of America’s change follows intensifying backlash from Republican lawmakers against corporations that consider environmental and social factors in their operations. Wall Street in particular has come under fire for what some Republicans have called “woke capitalism,” a campaign that has pulled banks into the wider culture wars.

States including Texas and West Virginia have passed financial regulations designed to ward off efforts to deny fossil-fuel companies access to banking services. In New Hampshire, state lawmakers have sought to criminalize the business principle known as E.S.G., shorthand for environmental, social and governance.

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top 11 comments
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[–] white_shotgun@aussie.zone 14 points 9 months ago

Thats fucking hilarious. Cunts are completely fucked in the head

[–] shani66@ani.social 13 points 9 months ago (1 children)

I would despair if i wasn't already firmly convinced i will see the end of society before i die.

[–] LinkOpensChest_wav@lemmy.dbzer0.com 10 points 9 months ago (1 children)

I just wish we could at least have the decency to bow out without taking so many other species along with us

[–] shani66@ani.social 3 points 9 months ago (1 children)

I mean, with the death of humans I'm pretty sure we seal the fate of every creature on earth regardless of how we do it. We have the potential to escape the expansion of the sun, no other creature will be able to evolve to do that in time.

[–] Tremble@sh.itjust.works 3 points 9 months ago

There’s a few billions of years left for that… pretty sure cockroaches will develop space flight in that time

[–] refurbishedrefurbisher@lemmy.sdf.org 6 points 9 months ago (1 children)

BofA deez duts

[–] Tremble@sh.itjust.works 0 points 9 months ago

Is that a thing? Not looking it up

[–] BigMacHole@lemm.ee 5 points 9 months ago

Small Government is telling you what you are and are NOT allowed to invest YOUR money into!

[–] raynethackery@lemmy.world 4 points 9 months ago

What BofA should say: We are not investing in any more coal projects because our in-house tarot reader said it wasn't a good time.

[–] zackhow@programming.dev 1 points 9 months ago

I’m curious how this applies to insurance. The last few years we’ve seen policy prices increase due to global warming.

[–] pan_troglodytes@programming.dev -2 points 9 months ago

coal is king