On the heels of the April 23 activist-aborted PNC bank shareholders meeting, the Rainforest Action Network (RAN), Sierra Club, and BankTrack issued their 2013 coal report card. Titled “Extreme Investments: U.S Banks and the Coal Industry”, the authors found that PNC followed Bank of America, Citigroup, and JPMorgan Chase with a ‘C’ for lending and underwriting for companies using mountaintop removall and an ‘F’ for financing companies that transport coal.
“Mountaintop removal coal mining brings destruction, health problems and human rights violations to the people of Appalachia,” said Mark Kresowik,a policy analyst for the Beyond Coal Campaign at the Sierra Club. “Operations like those at Arch Coal and Alpha Natural Resources are awful investments for the American banking industry. In fact, shares of companies with MTR mines lost an average of 40% of their value between April 2012 and April 2013 and only one of the 13 largest MTR companies had an S&P credit rating above ‘junk.’ It’s time for our banks to invest in smart, clean alternatives that don’t risk our health or the health of our economy.”