Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Blair FitzGibbon, 202-503-6141

Press Release

Morgan Stanley Pressured to Drop Coal Financing

Rainforest Action Network Announces Campaign as Next Major Bank Targeted Since Bank of America Coal Milestone

San Francisco – Today, Rainforest Action Network (RAN)announced that Morgan Stanley is the next major investment bank being targeted with a public campaign to demand that the bank commit to stop financing coal mining and coal-fired power.

“Morgan Stanley has longstanding financing relationships withsome of the worst offenders from the global coal mining industry, including Peabody Energy, the world’s largest private sector coal mining company,” said Ben Collins, Senior Research and Policy Campaigner at RAN. “Last year alone, the bank financed $477 million for coal mining.”

Morgan Stanley continues to finance top producers of mountaintop removal coal, even as eleven of its competitors have committed to cut financing for the practice. The bank also financed $1.2 billion in 2014 for the largest operators of coal-fired power plants in the world such as RWE, Europe’s largest single emitter of carbon dioxide.

For fifteen years, RAN has been holding the U.S. banking sector accountable for its environmental and human rights impacts, most recently campaigning against Bank of America’s coal financing. Earlier this year, Bank of America and Credit Agricole both adopted new policies that took major steps away from financing coal. Now RAN is demanding Morgan Stanley and the rest of Wall Street meet and exceed these commitments by adopting comprehensive policies to end financing for coal mining and coal fired power.

In the lead up to the Paris Climate conference in November, RAN has joined with over 120 other civil society groups partnered in the Paris Pledge that calls on the global banking sector to end financing for coal mining and coal-fired power. Global political and civil society leaders have called for a rapidtransition away from fossil fuels. This year is becoming themake or break moment for global banks to decide how they will choose to invest in the future of energy.

###

Rainforest Action Network (RAN) is headquartered in San Francisco, California with offices staff in Tokyo, Japan, and Edmonton, Canada, plus thousands of volunteer scientists, teachers, parents, students and other concerned citizens around the world. We believe that a sustainable world can be created in our lifetime and that aggressive action must be taken immediately to leave a safe and secure world for our children.  

Biden Denounced for Imposing New Sanctions as Iran Nuclear Talks Falter

One Middle East expert accused the U.S. administration of "continuing and embracing Trump's max pressure policy, while expecting a different result."

Brett Wilkins ·


Under 'Draconian Abortion Ban,' Woman in El Salvador Sentenced to 50 Years for Pregnancy Loss

Laws like El Salvador's are "now being replicated in states across the U.S.," noted one observer.

Julia Conley ·


Warren, Sanders, and Others Blast Biden's 'Failure' on Federal Cannabis Policy

While commending Biden's pardons and commutations, six senators wrote that "much more has to be done to address the racist and harmful legacy of cannabis policies on Black and Brown communities."

Jessica Corbett ·


Court Applauded for Tossing Trump-Era Rule That Allowed Taxpayer-Funded Discrimination

"We are thrilled that the court has removed the continuing threat the presence of the discriminatory Trump-era rule posed to some of the most vulnerable members of society," said one attorney.

Kenny Stancil ·


'Broken' Capitalist Food System Drives Soaring Global Hunger: Oxfam

Criticism from the charity's food policy director came in response to a new United Nations report revealing that around 1 in 10 people worldwide went hungry last year.

Brett Wilkins ·

Common Dreams Logo