Bank of America Fails Pledge to Abstain from Funding New Coal Initiatives

Bank of America Modifies Environmental and Social Risk Policy Framework

Bank of America has made changes to its “Environmental and Social Risk Policy Framework” by introducing enhanced due diligence for projects previously excluded from financing. Despite the bank’s commitment in 2021 to cease financing new coal mines and plants, as well as Arctic oil drilling, these projects will now undergo a more rigorous evaluation process. The move comes as the bank faces pressure from certain states that have implemented laws to prevent banks from refusing to finance coal projects.