Bloomberg News reports that Wells Fargo said it would cut back on lending to coal-mining companies. Morgan Stanley, the sixth-biggest, pledged to reduce its exposure to coal-mining across the globe and also said it would apply more scrutiny to financing coal-fired power plants, in a new policy statement.
“We will continue to shift our lending and capital-raising efforts toward cleaner and renewable sources of energy and reduce the proportion of our energy financing to coal mining and coal-fired power generation,” Morgan Stanley said in the statement.
“Wells Fargo has been and will continue to limit and reduce our credit exposure to the coal mining industry,” Jennifer Dunn, a Wells Fargo spokeswoman, said in an e-mail.
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