NRDC Scores A Victory Against Ravenous Coal Companies

Nearly since the new millenia began, the fossil fuel industries have won countless battles against the environment and those that fight for it. With the full force of a Republican Congress and the Bush White House, mining executives moved into the regulatory agencies to dismantle worker protection laws as well and legislation that was meant to protect the areas around where mining took place. The mountain-top removal method has destroyed thousands of acres of wilderness in our country, causing immense damage to any surrounding communities. Today however, was a new day.

From The NRDC Switchboard:

This summer, after months of conversations, some top executives from Bank of America agreed to accompany NRDC staff on a fact-finding trip to Appalachia. In July we flew them over moonscaped mine sites in West Virginia, took them to Kayford Mountain for a closer look at mountaintop mining, and introduced them to several local residents/activists who are fighting to save their beloved homeland from reckless coal mining companies.

Today, BofA released its revised coal policy, which will have the immediate effect of curtailing commercial lending to companies that mine coal by blowing off the top of mountains. The policy states, in part:

Bank of America is particularly concerned about surface mining conducted through mountain top removal in locations such as central Appalachia. We therefore will phase out financing of companies whose predominant method of extracting coal is through mountain top removal. While we acknowledge that surface mining is economically efficient and creates jobs, it can be conducted in a way that minimizes environmental impacts in certain geographies.

Why is this significant? Consider that Bank of America stands as a pillar of our country's shaky financial system. In fact, the trying economic crisis has only served to strengthen this behemoth bank while other once proud and stable institutions fall by the wayside. All the more reason to engage BofA in using its investment power and influence to affect positive environmental change.

The NRDC played a brilliant hand by going straight to the top here. Appealing to the big bad companies themselves can have a tremendous impact. Protesting and organizing at the grassroots level is still crucial to what we do in the progressive movement. Yett if an environmental group such as the Natural Resource Defense Council can simply fly some executives over Appalachia and from there have funding cut off for the mining companies wicked ways, more power to the them!