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Think the Big Banks Have Abandoned Coal? Think Again
New York Times: Starting three years ago, the largest American banks vowed to cut back on lending to the coal industry.
“The bank has a responsibility to help mitigate climate change by leveraging our scale and resources to accelerate the transition from a high-carbon to a low-carbon society,” Bank of America said in its coal policy in May 2015.
Their pledges seemed so dramatic that Paul Argenti, a professor of corporate communication at Dartmouth’s Tuck School of Business, began citing them in lectures as a rare example of a corporate principle’s trumping profits. “I read it as: They were done,” he said.
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