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Breakthrough: JP Morgan Chase Dropping Mountain Destruction | Rainforest Action Network

2014 April 14

MTRsiteVivian-StockmanOVEC

Published in Rainforest Action Network Blog on April 13, 2014. Written by Amanda Starbuck.

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.

That’s why thousands of people are joining Rainforest Action Network to tell Bank of America, Citigroup, Goldman Sachs and Morgan Stanley to stop financing Mountaintop Removal coal mining!

Mountaintop Removal (MTR) is a mining practice that uses explosives to literally blow the tops off mountains for the coal inside. The rubble is then pushed into streams and poisons the water supply for thousands of people. This is morally unacceptable and why many, many local communities in Appalachia, along with activists around the world, are taking a stand against MTR.

For more than five years, Rainforest Action Network members like you have demanded JPMorgan Chase and other banks drop MTR financing. And while we’ll have to remain vigilant to ensure JPMorgan Chase stays on the path away from MTR, the bank’s new policy demonstrates that your activism is working.

JPMorgan Chase will no longer be doing business with companies like Alpha Natural Resources — the worst of the worst when it comes to MTR. Last month, the EPA issued Alpha the largest water pollution discharge penalty in the history of the Clean Water Act. The company also faces ten lawsuits over water pollution at its MTR mines.;

JPMorgan Chase, the largest bank in the United States, shows that the smart money is leaving companies like Alpha Natural Resources. Other major banks do not want to be singled out for continuing to support environmental destruction and poisoning communities.

Take Action: Tell the banks to drop Alpha Natural Resources and adopt a policy to phase out MTR financing.

Our movement is truly turning the tide against MTR. Companies like Alpha Natural Resources need financing from big banks to continue the destruction. If we make sure the banks can’t hide their responsibility for keeping MTR alive, we can force them to act to protect their image.

JPMorgan Chase is acting to protect its image right now by moving out of MTR financing. Let’s use that momentum. Send the banks a message today and help end Mountaintop Removal coal mining once and for all.

About the Author

Amanda Starbuck directs RAN’s Energy & Finance Programs, challenging large banks to stop funding the world’s most destructive industries and start funding renewable energy. Amanda can be found on Twitter: @Starbuck

Photo Credit: Vivian Stockman, Ohio Valley Environmental Coalition

 

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