RAN gets bank of america on the right track

INSIDE:· BofA's Policy: What's New?
· Who's Next? The "Liquidators"
· Go to the Movies to Stop Global WarmingMay 17, 2004
www.ran.org

Global Finance Campaign News, Updates, Action!

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Greetings Global Finance Friends!

We’re happy to report major progress in our campaign to End Destructive Investment and bring sustainability to the global economic system! On the eve of a May 4 national Day of Action and the launch of the “No Way BofA” campaign, Bank of America told RAN it was adopting sweeping new climate change and forest policies that set new industry best practices for the financial sector. After reviewing the policy proposals, which go even further than Citigroup in several key areas, we were happy to call off the Day of Action and declare victory in one of the shortest campaigns in RAN’s history!

Read on for more information about the new BofA policy and for news about the holding rest of “The Liquidators” to this new industry standard.

1) Bank of America's Policy: What's New?

Bank of America’s new climate change and forest policies set clear new standards for the financial sector. Read the press release here. Major areas of progress include groundbreaking initiatives to reduce greenhouse gas emissions, protect intact forests, and support indigenous rights. Read the whole policy here, or check out the highlights:

Climate Change: In a big step forward for the financial sector, Bank of America has agreed not only to reduce carbon emissions from its own operations and facilities, but also to reduce emissions across its investment portfolio 7% by 2008, according to recommendations put forth by the Intergovernmental Panel on Climate Change. Strong targets and timelines for emissions reductions, combined with an unprecedented recognition of responsibility for financing climate change, are clear signals to the oil and gas industry that funding sources are drying up.

Forests: Bank of America is ending investments in logging, mining, oil and gas drilling in tropical rainforestsworldwide, much like Citigroup. Additionally, Bank of America will not fund any logging in pristine, intact forests anywhere in the world, and will not fund resource extraction from primary forests in temperate or boreal regions unless they are managed sustainably as verified by an independent third party audit. And to ensure that these commitments are carried out, Bank of America will help fund efforts by the World Resources Institute to identify and map intact forest regions globally.

Indigenous Rights: Bank of America will respect the rights of indigenous peoples to make informed decisions about projects that impact their communities. Bank of America will ensure that indigenous peoples directly and indirectly affected by development projects have the opportunity to participate in decisions that about such projects. But Bank of America goes even further. Refusing to finance operations in any areas where indigenous land claims are not settled will allow for the democratic process to run its course before exploitative corporations can degrade the ancestral lands of indigenous peoples.





2) Who's Next? Stop the "Liquidators" from Pillaging the Planet!

The Global Finance Campaign is not wasting any time. Our task now is two-fold: We must hold Citi and BofA to their word and ensure that their policies are fully implemented, translating to real changes on the ground in front-line communities and ecosystems around the world. But we also must expand these policies throughout the financial sector to make sure that social and environmental responsibility becomes the status quo for the entire industry. We’ve got plenty of momentum, and rest assured: we won’t stop until we see real ecological values embedded within all our economic structures.

Clearly, we need your help now more than ever!

After Bank of America’s announcement, other companies are feeling vulnerable. They don’t know who’s next. Take a few minutes today to make a call or send an email to “the Liquidators” that have yet to adopt environmental standards. Tell them to adopt standard at least comparable to Bank of America’s. Click here to send your letter. If you want to make a phone call, start with the worst of the worst:

Goldman Sachs

Hank Paulson, CEO

(212) 902-5904

John Hancock Financial Services

David D’Alessandro, CEO

(617) 572-6400

Wells Fargo and Co.

Dick Kovacevich, CEO

(415) 396-4928

3) Go to the Movies to Stop Global Warming!

"The Day After Tomorrow" is too late! Help curb climate chaos today by visiting a local movie theater on Memorial Day weekend, when "The Day After Tomorrow" - the first Hollywood blockbuster to address climate change - opens on screens nationwide.

Sign up for a local theater and get postcards sent to you for free!

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Put your money where our mouth is: Donate to RAN today and help us stop mega-banks from pillaging the planet! Donate Now!

For the Earth and for Justice!

Dan and Ilyse

The Global Finance Team at RAN

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With good news like that, I might have to switch over to them. Has anyone else had good luck with this bank?

 

Awesome info, thanks for that. I've been with BofA for about 3 years and they have pretty good customer service, and I haven't had really any problems. I don't really go to the bank much though b/c I have Direct Deposit at my job. Glad to hear they're making a good decision.

 

ummmm... banks are evil. this one is getting a bit better but not entirely. go to a credit union! they are much better for everyone involved.

 

I hate BofA they can shut down and die! I got seriosly screwed by them and will never bank there again. I have a super sweet credit union now and will stay with them forever. Good to know they are attempting to be a decent bank I suppose if you don't mind handing them your money.