Bank of the West moves forward with fossil divestment plans

first_img FacebookTwitterLinkedInEmailPrint分享Denver Post/Associated Press:Bank of the West’s decision to divest from certain fossil fuel investments has run headlong into threats of retaliation in Colorado, Wyoming and other states that rely heavily on coal, oil and natural gas extraction for revenues.The San Francisco-based bank recently made it known that it would be “investing where we feel we can make the most impact” and withdrawing support for companies and business activities that are “detrimental to our environment and our health.”That includes no longer doing business with companies whose main activity is tied to oil and gas from shale or tar sands or financing oil and gas exploration or production projects in the Arctic. Nor will it finance coal mines or coal-fired power plants not actively involved in the energy transition. And the company also is cutting ties to tobacco-related businesses.“As the bank for a changing world, we’re continually seeking to improve the ways we help our customers, while contributing to more sustainable and equitable growth,” the company, which is a holding of French banking giant BNP Paribas, said online.The stance, which has won support from environmental groups, doesn’t sit well in places like Colorado’s Western Slope where residents rely heavily on traditional energy production for their livelihood.Bank of the West is Colorado’s fifth largest bank with $4.5 billion in deposits as of June 30, 2017. It has 75 locations in Colorado, the bank’s second largest concentration of any state after California with 235 locations, according to the Federal Deposit Insurance Corp.More: Bank of the West’s anti-fossil fuel stance sets off firestorm in Western Slope, energy states Bank of the West moves forward with fossil divestment planslast_img read more