Wells Fargo and Morgan Stanley latest banks to stop coal lending

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Wells Fargo and Morgan Stanley became the latest big banks Monday to promise to cut their support for the coal industry in the name of reducing the pollution blamed for global warming.

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.

To access the complete Bloomberg News article hit the link below:

Wells Fargo, Morgan Stanley Join Banks Edging Away From Coal

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