Climate Call: Wells Fargo To Reduce Funding To Companies Involved With Coal-Mining Activities

Wells Fargo and Co became the latest big bank 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 largest US bank by assets said that it would cut back on lending to coal-mining companies and pledged to reduce exposure to coal-mining across the globe. The bank said that it would apply more scrutiny to financing coal fired power plants. A spokesperson for the bank said that Wells Fargo has been and would continue to reduce its credit exposure to the coal mining industry in the coming years.

It is imperative to state that the bank joins a growing list of lenders including Citigroup, Bank of America, Morgan Stanley and Goldman Sachs Group that have pledged to stop or scale back support for coal projects in the coming months. The latest announcement came on the opening day of the United Nations summit in Paris where leaders from more than 150 nations are seeking a worldwide agreement to rein in climate change. It was earlier this month that asset management company Allianz SE had said that it would cut its investment exposure in coal mining firms around the globe in support for reining in the effects of climate change due to fossil fuels.

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