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After reading the recent Atlantic Monthly article wherein Bill Gates is interviewed on the environment, one wonders just how much coal shaming will actually help the environment, when it isn’t accompanied by a carbon tax.
SAN FRANCISCO — On November 30, Morgan Stanley and Wells Fargo released new commitments to cut financing for the global coal industry. These policy changes follow similar coal financing cuts at eight other banks earlier this year (Bank of America, BNP Paribas, Citigroup, Credit Agricole, ING, Natixis, and Societe Generale). Notably, Morgan Stanley’s coal policy statement acknowledges that the bank has a responsibility to contribute to the transition to a low-carbon economy and commits to report on the bank’s policy commitments to cut financing for coal mining and coal-fired power.
These policy announcements come on the same day that President Obama met with President Anote Tong of Kiribati and other leaders of small island states, who have called for a global moratorium on new coal mines.

This entry was posted in Environmental News Headlines and tagged morgan stanley cuts coal financing, nov 30 press release on wells fargo and morgan stanley with coal financing, rainforest action network, wells fargo cuts coal financing.
About Easy Ways to Go GreenEasy Ways to Go Green is a green blog dedicated to providing you with practical, helpful information on living a greener life. Every little bit helps, to be sure, but is this more pomp and headlines than actual progress? Morgan Stanley’s commitment followed public pressure from climate activists as part of a campaign launched by Rainforest Action Network (RAN) in October, the latest in a series of RAN campaigns to hold U.S.
They also follow calls from the Paris Pledge, a global coalition of over 160 global civil society organizations which has urged the banking sector to phase out financing for coal mining and coal-fired power in the leadup to the U.N.

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Morgan Stanley’s policy went further, covering both lending and underwriting, and committing to end financing for coal-fired power plant construction in developed countries. Get a complete online yoga lesson with our own Yoga instructor, shop with us at local southern California farmers markets, and share with us your own experience of going green in your daily life.

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