Megan Wittman, megan.wittman@sierraclub.org
Des Moines, IA — A new report from the Sierra Club reveals that global banks are propping up polluting coal plants across the U.S. by financing the parent companies behind these coal utilities. This financing comes despite the fact that many banks have climate commitments that restrict them from providing project-level loans to coal plants. The analysis reveals a massive loophole in the banks’ climate commitments through their role in company-level lending and underwriting activities.
The analysis follows the release of the Sierra Club’s Out of Control report, which revealed there are approximately 3,800 premature deaths annually from soot released by coal plants across the U.S. By financing the parent companies of these coal utilities, global banks are channeling billions of dollars into the very companies responsible for keeping these polluting coal plants operational and poisoning nearby communities with harmful air pollution.
Barclays, Berkshire Hathaway Energy’s largest financier, contributes $6 billion to the utilities company. Between its subsidiaries, including MidAmerican Energy, 195 deaths can be attributed to Berkshire Hathaway Energy’s coal plants every year.
In May, Sierra Club and other organizations joined together for a coal-free future rally outside of the annual Berkshire Hathaway shareholder meeting. At the shareholder meeting, 17-year-old student activist Hannah Hayes of Des Moines asked Warren Buffet to accelerate the retirement of MidAmerican Energy’s five coal plants, citing that the plants are extremely harmful and costly for Iowans. Charlie Munger, Vice Chairman of Berkshire Hathaway, replied he was unsure of “how bad the global warming is going to be” and that “there’s a lot of false claims here in the world where much is not known.”
Emma Colman, Organizing Representative for Iowa, released the following statement:
“Our planet can’t afford the billions of dollars funneled into dirty, deadly fossil fuels. Berkshire Hathaway Energy continues to poison and pollute our communities with their burning of fossil fuels. MidAmerican Energy, one of its subsidiaries, is the largest carbon polluter in Iowa. When clean energy alternatives are more affordable and reliable than ever, there’s simply no excuse to finance coal plants that play a significant role in serious public health issues.”
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About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.