Jan 292015
 

By Yann Louvel and Greig Aitken, BankTrack, 29 January 2015.

A flurry of coal news and statistics in the first weeks of 2015 have been catching our eye at BankTrack, confirming as they do that around the world the industry is in deep trouble. Nagging away at the back of the mind however, and based on our specific lens through which we assess the coal sector’s prospects, are a few enduring concerns.

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Forests and Finance: New Cash for Conflict Palm Oil

 Rainforest Action Network  Comments Off on Forests and Finance: New Cash for Conflict Palm Oil
Dec 032014
 

RAN briefing finds pending $900 million deal threatens forests, peatlands and communities across Indonesia.

Indonesian palm oil firmpalm oil BW Plantation (BWPT) approved last week a USD $900 million share rights offering in a bid to finance its merger with Green Eagle Holdings (GEH). New stock not purchased by existing shareholders will be traded on the Jakarta Stock Exchange (IDX) from Monday December 8.

RAN released a briefing note, available here, on the controversial deal today, alerting investors to poorly disclosed Conflict Palm Oil risks.

The deal expands BWPT’s holdings from just under 100,000 ha to over 400,000 ha, propelling it into the rank of Indonesia’s third largest palm oil company listed on the IDX. However, 75% of the new land bank – with holdings in Papua, Sulewesi, West, East and South Kalimantan and Sumatra – is unplanted and includes large tracts of rainforests, Indigenous and local community lands, and areas of carbon-rich peatlands. Continue reading »

Nov 042014
 

By Julien Vincent, Market Forces, Ben Collins, Rainforest Action Network and Yann Louvel, BankTrack, 30 October 2014, originally published on Renew Economy

The proposed expansion of the Abbot Point coal export terminal is running out of friends in the banking world. This week’s news that US giants Citigroup, Goldman Sachs, and JPMorgan Chase will not finance the proposed coal export terminals at Abbot Point bring the total number of banks to have made this commitment to nine. Even Morgan Stanley, currently in business with Adani over the partial sale of the existing coal export terminal at Abbot Point, acknowledge the environmental risks associated with the proposed new terminals and won’t provide funding to expand the coal port.

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May 222014
 

By Yann Louvel, BankTrack, and Ben Collins, Rainforest Action Network, 21 May 2014

The campaign to stop bank financing of mountaintop removal coal mining is gaining momentum. For years, RAN and other organizations in the global BankTrack network have urged U.S. and European banks to stop financing the devastation caused by mountaintop removal (MTR) coal mining. BankTrack members have worked closely with advocates from Appalachia — the region hardest hit by MTR — including Paul Corbit Brown and Elise Keaton from Keeper of the Mountains, and Bob Kincaid from Coal River Mountain Watch. Together, they’ve travelled around the U.S. and Europe to speak directly to CEOs and boards of banks at their annual shareholder meetings and urge them to stop bankrolling mountaintop removal coal mining.

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Apr 132014
 

 By Amanda Starbuck, , on April 13 2014, originally published on RAN’s “The Understory” blog

This could be the tipping point for the horrific practice of Mountaintop Removal coal mining.

Just this week, JPMorgan Chase updated its environmental policy, revealing that it will be ending financial relationships with Mountaintop Removal coal mining companies.

Wells Fargo and BNP Paribas/Bank of the West have recently taken similar steps. If the other major banks commit to stop financing mountaintop removal, fossil fuel companies will have no choice but to end the obliteration of mountains and poisoning of communities for coal.

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Jan 282014
 

 By Yann Louvel, BankTrack, 28 January 2014

Earlier this month, Bank of America participated in the 2014 Investor Summit on Climate Risk, as the “convening sponsor” of the event. While there was a lot of talk about the urgency of the problem of tackling climate change, there were a few things the bank didn’t talk about. For starters, their role in financing the coal industry.

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