Tuesday, August 31, 2010

Banks Grow Wary of Environmental Risks

(Image NYT: A West Virginia surface mine.)

The New York Times


Published: August 30, 2010

"Blasting off mountaintops to reach coal in Appalachia or churning out millions of tons of carbon dioxide to extract oil from sand in Alberta are among environmentalists’ biggest industrial irritants. But they are also legal and lucrative.

For a growing number of banks, however, that does not seem to matter.

After years of legal entanglements arising from environmental messes and increased scrutiny of banks that finance the dirtiest industries, several large commercial lenders are taking a stand on industry practices that they regard as risky to their reputations and bottom lines." More>>>>

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