Bank of America's Reversal on Coal Financing Pledge Sparks Controversy
Bank of America appears to backtrack on its 2021 pledge to not finance new coal projects, as its 2023 "Environmental and Social Risk Policy Framework" now includes "enhanced due diligence" for such projects. This change aligns with conservative backlash against environmental considerations in business, with some states passing laws to prevent banks from refusing to finance coal projects. A coalition of 12 Republican state agriculture commissioners has also raised concerns about banks' involvement in the Net-Zero Banking Alliance, warning of potential negative economic consequences.