Originally posted at the Think Progress Wonk Room.
Bank of America
CEO Kenneth D. Lewis received two utterly
different
awards
from environmental groups on Tuesday, April 1—the Energy Action
Coalition and Rainforest Action Network (RAN) voted him the “Fossil
Fool of the Year,” while the
Natural Resources Defense Council (NRDC) honored him at their annual
fundraising gala as a “Force for
Nature.”
Rebecca Tarbotton of RAN said, “Ken Lewis
faced a who’s who list of polluters, but voters deemed him the worst of
a very deserving
crop.”
Frances Beinecke of NRDC said, “We have the
know-how to beat global warming. What we need is the leadership to make
it happen, and Ken Lewis is providing that
leadership.”
Climate and environmental activists celebrated “Fossil Fools Day”
yesterday, April 1, with actions across the
globe
protesting the fossil fuel industry. Heeding Al Gore’s call for “young
people to engage in peaceful protests to block major new carbon
sources,”
they blockaded coal
mines,
coal
plants,
and energy company
headquarters.
As part of the day of action, the Energy Action Coalition dedicated the
Fossil Fools Awards to “the
world’s biggest contributors to our global addiction to fossil fuels.”
Kenneth Lewis won top honors for facilitating “nearly $1 billion in
loans to Massey Energy and Arch
Coal,
two of the largest companies involved in the environmentally devastating
process of mountaintop removal coal mining” in the last few years. Bank
of America also made several billion dollars in loans and facilitated
stock offerings in
2006
for Peabody Energy, the world’s largest private coal company.
NRDC’s tenth annual “Forces for Nature”
$1000-a-plate fundraising gala feted Ken Lewis and
NYC mayor Michael
Bloomberg at
Cipriani 42nd Street.
NRDC honored Lewis for Bank of America’s
ten-year, $20 billion environmental initiative which “addresses climate
change by championing sustainable business practices through innovative
lending and investing strategies, new financial products and services
and operations.” The initiative was launched last
year.
The new Bank of America Tower in New York City, when completed in 2009,
will be one of the most environmentally friendly and efficient office
buildings in the world.
At the NRDC gala, Lewis made the major
announcement that Bank of America would adopt the Carbon
Principles,
“a set of guidelines that help advisors and lenders to power companies
evaluate and address carbon risks in the financing of projects” drafted
in January by Citigroup Inc., J.P. Morgan Chase & Co., and Morgan
Stanley. According to the Wall Street
Journal,
“the ‘Principles’ push utilities to explore other alternatives to
regular coal plants . . . Still, the banks make clear they won’t stop
funding all conventional coal plants—they’ll simply want assurances
higher rates will cover likely costs of carbon.”