Global environmental challenges
Now that Bank of America is cutting back on lending to mountain top removal mining companies, citing the environmental costs, rival Citigroup is weighing its options.
“Bank of America’s announcement has just been released so Citi will study the content,” the bank said on Friday. Citi and Bank of America were prime targets of Rainforest Action Network and others for their support of mountaintop removal mining for coal in Appalachia. Cutting the top off a mountain is a cheap and efficient way to get coal — and environmental groups call it an ecological disaster.
“We are continuing to learn about this issue through engaging and listening to a variety of stakeholders, including our clients. Today we met with a number of industry, scientific, and community experts to listen and learn from their perspectives. Citi has a long history of engaging in dialogue with our stakeholders on this and other critical environmental issues,” the bank said.
Rainforest Action Network says the bank has a history of funding dirty coal and has called Citi’s steps to curb its carbon footprint small. The coal industry, on the other hand, says Bank of America is pandering to the the green movement at the expense of work in a place where jobs are few and far between.