On the eve of the national day of action against Bank of America/Fleet, as Wetlands volunteers were busily preparing placards for our demonstration the next day, we received word from the Rainforest Action Network that the 2nd largest US bank had caved under the pressure at the 11th hour, agreeing to new climate change and forest policies that make the company the clear world financial leader on the environment.

Bank of America’s policies mark a new financial sector standard for ecological investment, committing the company to address global warming by setting unprecedented targets and timelines for reductions of greenhouse gas emissions within its chain of investment activities. Reductions will be in accordance with the best estimates of the Intergovernmental Panel on Climate Change including a 7 percent reduction goal by 2008.

Bank of America will also support forest protection by banning all financing for logging operations in intact forests (as defined by the World Resources Institute), creating strict "No-Go Zones" off limits to destructive industrial activity. Additionally, all resource extraction (e.g. oil and gas, mining, and logging) in all forests must be verified by an independent, third party audit.

Bank of America will ban funding for any operations on lands where indigenous peoples are struggling for control of their traditional territory, signifying an important victory for democracy and the right to self-determination for all peoples.

Finally, Bank of America made important commitments to finance further mapping of intact forests around the world, and research methods to measure and reduce financial investments in greenhouse gas emitting industries. The result of this research will be an important tool for all of industrialized society to identify pathways towards a responsible and sustainable global economy.

View the complete text of the Bank of America agreement.

More info on the Global Finance Campaign.