Bank of The West: No More Financing Of Some Energy Projects
A bank with over 20 branches in Wyoming has announced it will no longer support certain types of projects in the energy industry.
Bank of the West, on their website, recently made the announcement that they will not finance coal-fired power plants and coal mines which are not involved in transitioning to other energy sources.
The announcement also said the company will no longer do business with companies involved in the marketing, exploration, trade or distribution of oil and gas that comes from shale and tar sands.
The statement on the website includes the following:
"We’re investing where we feel we can make the most impact, like advancing diversity and women entrepreneurship programs, financing for more small businesses, promoting programs for sustainable energy, and withdrawing support from companies and business activities that are detrimental to our environment and our health.
As a long-term partner of the energy industry, we are proud to work with companies in oil, coal and gas that are actively involved in the energy transition and committed to building a more sustainable energy future."
The website outlined the following decisions:
- We will no longer do business with companies whose main activity is exploring, producing, distributing, marketing or trading oil and gas from shale and/or tar sands.
- We will never finance oil and gas exploration or production projects in the Arctic.
- We will no longer finance coal mines or coal-fired power plants that are not actively involved in the energy transition.
- We will terminate all financing and investing activities relating to tobacco product manufacturers, as well as producers, wholesalers and traders whose revenue comes primarily from tobacco."
Bank of the West has 23 branches in Wyoming, in locations including Cheyenne, Casper, Gillette, Sheridan, Green River and several other communities. The bank is based in San Francisco and is a subsidiary of a French company.