Wells Fargo, Morgan Stanley Latest Banks to Reduce Support for Coal Projects

摘要

Wells Fargo & Co. and Morgan Stanley became the latest big banks Nov. 30 to promise to cut their support for the coal industry in the name of reducing the pollution blamed for global warming. Wells Fargo, the fourth-biggest U.S. bank by assets, said it would cut back on lending to coal-mining companies. Morgan Stanley, the sixth-biggest, pledged to reduce its exposure to coal-mining across the globe and also said it would apply more scrutiny to financing coal-fired power plants, in a new policy statement.