Bank of America and Citigroup Biggest Financiers to Coal Mining
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Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. were the top three financiers of the coal industry last year, according to a report today from three environmental groups.
The three banks helped underwrite bonds or loans totaling $8 billion for mountaintop removal coal-mining operations and power plants, or 38 percent of the total $20.8 billion investment for such activities last year, according to the fourth annual Coal Finance Report Card from the Rainforest Action Network, BankTrack and the Sierra Club.