Bank of America appears to be backtracking on its late 2021 pledge to stop financing new efforts in coal and the Arctic, according to internal documents.

Bank of America had promised to stop directly funding coal mines, coal-fired power plants, and Arctic drilling. according to In line with the December 2021 Environmental and Social Risk Policy Framework.However, it was revised in December 2023 version First, it renews banks' pledges to conduct “due diligence” on these initiatives, rather than denying them loans outright. report According to the New York Times on Saturday. (Related: Exclusive: Attorney General Ken Paxton warns companies that exploit ESG practices)

Think you know about electric cars? Test your knowledge with the True/False – Electric Cars game. Please continue the thread and play along. 🧵 pic.twitter.com/jcwexlaVWX

— Bank of America (@BankofAmerica) September 9, 2023

The 2021 policy promises not to directly fund “new thermal coal mines or expansion of existing mines,” “construction or expansion of new coal-fired power plants,” or “oil exploration or production activities in the Arctic.” It was done.

Conservatives are pushing back against corporate environmental policies, including the nonprofit Consumers Research, which targeted Bank of America to promote environmental, social, and governance (ESG) policies in its 2023 ad campaign. Also included. The investment fund focused on ESG goals lost $2.7 billion and closed earlier than it opened in the third quarter of 2023. according to To Morning Star.

Removing these commitments “sends a very bad signal,” said director Lucy Pinson. get your funds backA nonprofit organization focused on financial climate impacts told the NYT. “Bank of America is sending a message to its customers that it is OK to tap into new fossil fuel assets.”

Bank of America told the New York Times that “high-risk customers and transactions continue to undergo enhanced due diligence processes, including senior-level risk reviews.”

Bank of America did not immediately respond to a request for comment from the Daily Caller News Foundation.

All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.