UBS Backs Away From Funding Mountaintop Removal
Thursday, August 14th, 2014
We’re happy to share an announcement from our friends at Hands Off Appalachia, who have been working hard on this campaign for three years. UBS, the world’s third top funder of mountaintop removal in 2011, has taken steps demonstrating its commitment to significantly reduce financing of the mining practice. Last month, the bank confirmed to environmental campaigners that it will continue backing away from mountaintop removal financing. Moreover, UBS has declined to participate in the most recent transactions with its former clients Alpha Natural Resources and Arch Coal, which were among the top producers of mountaintop removal coal in 2013.
“UBS’ statement is a step in the right direction on mountaintop removal, but it’s the bank’s actions that show they’re following through,” said Ricki Draper of Hands off Appalachia. “We have seen that grassroots organizing can make a difference in stopping the financing of this deadly form of mining that poisons coalfield communities and contributes to the destruction of Appalachia’s culture and heritage.”