For Immediate Release
Blair FitzGibbon, 1-202-503-6141, firstname.lastname@example.org
Morgan Stanley and Wells Fargo Cut Coal Financing, Join Growing Movement by Banks in U.S. and Europe
Rainforest Action Network Calls on Banks to End All Financing for Coal
SAN FRANCISCO, Calif. - Today, Morgan Stanley and Wells Fargo released new commitments to cut financing for the global coal industry. Wells Fargo’s policy committed to reduce the bank’s lending to coal mining companies. Morgan Stanley’s policy went further, covering both lending and underwriting, and committing to end financing for coal-fired power plant construction in developed countries.
These policy changes follow similar coal financing cuts at eight other banks earlier this year (Bank of America, BNP Paribas, Citigroup, Crédit Agricole, ING, Natixis, and Société Générale). Morgan Stanley’s commitment followed public pressure from climate activists as part of a campaign launched by Rainforest Action Network (RAN) in October, the latest in a series of RAN campaigns to hold U.S. banks accountable for their financing of the coal industry.
"Today Morgan Stanley and Wells Fargo announced they are cutting support for the coal mining sector, adding momentum to recent commitments made by Bank of America, Citigroup, and several others," said Lindsey Allen, Executive Director of RAN. "While the policies announced today do not go nearly far enough to realign the banking sector with the reality of climate change, they are a clear indication that major banks agree coal is an increasingly foolish and unacceptable investment."
Notably, Morgan Stanley’s coal policy statement acknowledges that the bank has a responsibility to contribute to the transition to a low-carbon economy and commits to report on the bank’s policy commitments to cut financing for coal mining and coal-fired power.
These policy announcements come a day before President Obama meets with President Anote Tong of Kiribati and other leaders of small island states, who have called for a global moratorium on new coal mines. They follow calls from the Paris Pledge, a global coalition of over 160 global civil society organizations which has urged the banking sector to phase out financing for coal mining and coal-fired power in the leadup to the U.N. climate conference underway in Paris, COP21.
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.
Rainforest Action Network (RAN) is headquarted 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.