Great news! Quakers win a major victory in the fight against MTR!
After five years of action by Earth Quaker Action Team, PNC announced Monday a shift in its policy that will effectively cease its financing of mountaintop removal coal mining in Appalachia.

This successful campaign shifted the policy of the seventh largest U.S. bank! This marks a major turnaround for PNC, who for years refused to budge on this issue. After more than 125 actions, their desire to continue business as usual proved no match for EQAT and allies. Bowing to pressure from Quaker environmentalists, PNC Bank announced that it will be restricting financing of mountaintop removal coal mining in Appalachia. The shift outlined in its 2015 Corporate Responsibility Report means PNC Bank will effectively cease its investment in this controversial practice.

In 2012 PNC Bank financed Alpha Natural Resources, Arch Coal, CONSOL Energy, and Patriot Coal, which together were responsible for nearly half (44.97%) of Appalachian mountaintop removal production. PNC’s total investment was $687.5 million for that year.

The grassroots group leading the charge for PNC’s new policy, Earth Quaker Action Team, hails the change as a major shift by the seventh largest US bank. “When we initiated our campaign in 2010, PNC attempted to placate us with a hollow policy. It’s good to see that PNC Bank is now taking meaningful steps,” says Matthew Armstead, staff coordinator for EQAT. “Since this shift happened because of external pressure, it should be a wake-up call for everyone that the power of change lies with regular citizen activists.”

Read more about this victory on EQAT’s website.