Ada Recinos, Deputy Press Secretary, ada.recinos@sierraclub.org
Yesterday, Louisiana State Treasurer Dr. John Fleming recommended that Bank of America not be approved as an authorized fiscal agent in the State of Louisiana because he alleged it was “deliberately denying banking services to customers and potential customers (de-banking)” listing fossil fuel producers as an affected party, “based simply on their political perspectives and activities, not because of any bank policy or law violations.”
Bank of America’s climate and energy related policies – though lagging many of its peers and global best practices – are largely in-line with the financial sector’s growing recognition of the risks associated with the climate crisis, and the inevitable transition from fossil fuels to clean energy. This reflects a broader understanding within the financial sector that managing climate-related financial risks is not a political stance, but a necessary strategy for long-term sustainability and economic stability.
Sierra Club Fossil-Free Finance Campaign Director Ben Cushing released the following statement:
"This is yet another example of a climate-denier politician taking an action that is not only detached from reality, but is also designed to appease corporate polluters at the expense of state taxpayers. The fact of the matter is that Bank of America continues to be one of the world's biggest funders of fossil fuels, and is one of the only major banks to weaken its policies against funding some of the world's dirtiest energy projects.
The state treasurer either doesn't know or is omitting that because it undermines a contrived narrative to justify punishing financial institutions doing the bare minimum to address the climate crisis and the transition to cleaner energy. Bank of America and most major banks around the world have committed to reduce their climate impacts because it's the right business decision for their stakeholders and our economy. Fossil fuel executives are threatened by that reality, which is why they've pushed state treasurers across the country to do stunts like this, even though they've been shown to create more costs for their constituents."
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.