Bank of America has become a leading corporation now committed to "integrating environmental policy into our company's operation at every level."
Kudos to B.O.A.! And the Rainforest Action Network is celebrating this development. Another stepping stone in the new 21st century embrace of the environmental movement!
B.O.A.'s new policy is quite comprehensive. Following is small example from their website:
"The following policy applies to new business as of May 15, 2004 and for existing contracts at the time of renewal:
A. Bank of America will use due diligence measures to assure that lending proceeds are not used to finance commercial projects or operations that result in resource extraction from, or the clearing of:
I. Primary tropical moist forests;
II. Additionally, lending proceeds will not go to logging operations in intact forests as defined by World Resource Institute (WRI) mapping as it is developed. Bank of America will assist in funding the development of WRI mapping;
III. Primary forests in temperate or boreal forest regions that are not managed using sustainable forestry practices as verified by an independent third party audit;
IV. High conservation value forests unless under approved conservation plans verified by an independent, third party audit with necessary permits granted by applicable governmental/regulatory authorities;
In all cases the borrower must remain in compliance with
applicable laws and regulations governing timber harvesting."
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