Bank of the West announced via their website this week, that it will no longer engage in business with companies who are involved in the exploration, production, and distribution of coal, oil, and natural gas.
Their website announced that it will no longer do business with the following types of companies:
- 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.
Also, found on their website was the following statement:
“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.”
Bank of the West has branches in Riverton and Lander, as well as several other Wyoming communities. They have more than 600 across the country. They are based out of San Francisco, California.