At its annual shareholder meeting in Charlotte, North Carolina last week, Bank of America announced that it was officially committed to slashing its financing of coal.
This is a major policy reversal for the bank. Just a few years ago, Bank of America, then the biggest bank in the US, was the largest underwriter of the US coal industry. From 2009 to 2010, for instance, the bank pumped some $4.3 billion into US coal companies, a fifth of all coal financing by the top 25 banks and financial institutions.
On January 17, 1961, Canadian Prime Minister John Diefenbaker and United States President Dwight Eisenhower signed the Columbia River Treaty.
It was a landmark agreement that required...