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Here's an example of how Corporate America can lead us into the new 21st Century Green Economy:

Bank of America will phase out loans to companies that use mountaintop extraction as their primary means of coal production, the financial giant said Wednesday.

The announcements, part of the bank's new coal policy (PDF), signal a dramatic shift in the role the bank expects coal will play in its portfolio. Meanwhile, the Bush administration this week approved a rule that makes it easier for coal companies to dispose of associated rock and dirt waste into nearby valleys and streams.

Federal legislation aimed at reducing greenhouse gas emissions, however, is widely anticipated in an impending Barack Obama administration.

Coming soon: The cost of using carbon will finally reflect the cost it inflicts on society in the form of increased global warming:

"Everyone is expecting there to be a cost associated with emissions," Bank of America Spokeswoman Colleen Haggerty told GreenBiz.com Thursday. "We are going to our clients and customers who we believe will be significantly impacted by any cost to carbon and expect them to factor those costs into their budgets before we are expected to finance them."

Hello! Memo to Corporate America: Get with it! BOA is leading the charge and you all are falling behind!

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