By: Tom Murray, Vice President, Corporate Partnerships Program
A company’s public statements matter – they can influence consumer choice, sway public policy decisions, and demonstrate leadership on important issues. But in terms of actual change, it’s where a company puts its money that really matters. This week, Bank of America (BoA) spoke with both its voice and wallet: At its shareholder meeting last week, the bank announced a new coal policy that continues the company’s commitment to reducing its exposure to coal extraction companies and accelerating the transition from a high-carbon to a low-carbon economy.
According to BoA, its portfolio has grown to favor renewable energy over coal by a ratio of more than three-to-one. That’s an important step forward toward a clean, low-carbon energy future. And, it’s one that builds on moves by other institutions, like the recent news from Goldman Sachs about how the company is looking to divest some of its mining interests and Citi’s recent 10-year, $100-billion commitment toward investments in areas like energy efficiency, renewable energy, green affordable housing, and climate change resiliency projects. Read More