Bank of America Modifies Climate Pledge Amid Conservative Backlash

The bank's revised policy subjects coal and Arctic drilling projects to enhanced scrutiny, reflecting a shift in response to political and legal pressures.

• Bank of America has revised its 2021 pledge, now subjecting coal and Arctic drilling projects to 'enhanced due diligence' rather than outright refusing to finance them.
• The change reflects a broader conservative backlash against environmental considerations in business, with states like Texas and West Virginia passing laws to protect fossil fuel projects.
• Critics argue that Bank of America's policy revision sends a negative message about the acceptance of new fossil fuel assets.
• The bank's decision comes amid a wider culture war, with Republican lawmakers targeting corporations that incorporate environmental and social governance (ESG) principles.
• Investment in sustainability-focused funds has declined significantly, as conservative criticism of ESG practices intensifies.

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