Wells Fargo, according to Bloomberg, has committed to reduce its lending to coal mining companies, and Morgan Stanley has said its rejection of coal will encompass both lending and underwriting. It also has reportedly said it will not finance the development of coal-fired power facilities in developed countries.
“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 officials told the news service.
The two banks join other similar coal funding cuts by Citigroup, Bank of America, Goldman Sachs Group and others.
