Bank adds language recognizing crisis. However it adds only limited restrictions on coal power financing. For it also ignores oil and gas finance.
(San Francisco, April 22, 2019) — Bank of America has squandered an opportunity. All to reclaim a climate leadership role within the finance community. For after releasing an updated Environmental and Social Risk Policy Framework. One that places only very incremental restrictions. For I mean on the bank’s funding. Especially in the fossil fuel sector. The banking giant also remains woefully far from aligning its policies. Especially with the Paris Agreement’s goals. For that’s of limiting the increase in global average temperature to well below 1.5 °C. That’s despite clearly acknowledging the critical need to do so.