Wells Fargo, Morgan Stanley Join Banks Edging Away From Coal
- On eve of climate summit, lenders pledge to limit financing
- Moves follow similar efforts by Citigroup, Bank of America
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Wells Fargo & Co.and Morgan Stanley became the latest big banks Monday to promise to cut their support for the coal industry in the name of reducing the pollution blamed for global warming.
Wells Fargo, the fourth-biggest U.S. bank by assets, said it would cut back on lending to coal-mining companies. Morgan Stanley, the sixth-biggest, pledged to reduce its exposure to coal-mining across the globe and also said it would apply more scrutiny to financing coal-fired power plants, in a new policy statement.