AR-News: Details on Bank of America Victory
adam at wetlands-preserve.org
adam at wetlands-preserve.org
Mon May 17 20:57:03 EDT 2004
INSIDE: · BofA's Policy: What's New?
· Who's Next? The "Liquidators"
· Go to the Movies to Stop Global Warming May 17, 2004
Global Finance Campaign News, Updates, Action!
Greetings Global Finance Friends!
Were 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 RANs 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 Americas new climate change and forest policies set clear new standards
for the financial sector. Read the press release at
http://www.ran.org/news/newsitem.php?id=990&area=home. Major areas of progress
include groundbreaking initiatives to reduce greenhouse gas emissions, protect
intact forests, and support indigenous
rights. <http://action.ran.org/ctt.asp?u=2070213&l=35543>Read the whole policy
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
Forests: Bank of America is ending investments in logging, mining, oil and gas
drilling in tropical rainforest sworldwide, 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.
Weve got plenty of momentum, and rest assured: we wont 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 Americas announcement, other companies are feeling vulnerable.
They dont know whos 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
Americas. <http://action.ran.org/ctt.asp?u=2070213&l=35734>Click here to send
your letter. If you want to make a phone call, start with the worst of the
Hank Paulson, CEO
John Hancock Financial Services
David DAlessandro, CEO
Wells Fargo and Co.
Dick Kovacevich, CEO
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
Sign up at http://www.ran.org/action/movie.html for a local theater and get
postcards sent to you for free! for a local theater and get postcards sent to
you for free!
* * * * *
Put your money where our mouth is: Donate to RAN today and help us stop
mega-banks from pillaging the planet!
For the Earth and for Justice!
Dan and Ilyse
The Global Finance Team at RAN
More information about the AR-News