Saturday, Dec 10, 2011 8:00 AM CST
The Wall Street-climate change connection
A new study exposes the role of the big banks in financing dirty coal
By Justin Elliott
Think “climate change” and the companies that come to mind are oil giants like Exxon Mobil or BP – not JP Morgan or Bank of America.
But a new study by Urgewald, a German environmental organization, establishes a strong link between large multinational banks and the coal industry, one of the biggest contributors to climate change.
The study (.pdf), “Bankrolling Climate Change,” identifies the top 20 “climate killer” banks by the amount of financial support they give the coal industry. Number one is JP Morgan Chase, followed by Citi and Bank of America. That’s despite lofty rhetoric from these companies about their work to address climate change.