Members of Student Environmental Action, a University Contracted Independent Organization, protested Bank of America's financing of new coal-fired power plants Friday, as group members staged a "die-in" at the University Avenue branch of the bank. Members of the environmental awareness group wore black attire and surgical masks, representing their concern about the hazardous health effects of burning coal for energy.
"We hope to raise awareness ... that [dirty energy] is not an option," said SEA member John Pickard, a University Engineering graduate student who participated in the protest.
According to information distributed by the protesters, coal is responsible for 40 percent of U.S. greenhouse gases. The protesters advocated for Bank of America to invest in green jobs and renewable sources of energy, such as solar power or wind.
"We want to tell Bank of America that they need to follow through on their word," SEA President Dana Richards said. "In March 2007, [Bank of America] CEO Ken Lewis committed his organization to environmentally sustainable practices. These investments [in coal-fired power plants] show Bank of America is not following through."
University Finance Prof. Bill Wilhelm explained the situation from an economic perspective, noting that financial ties to coal-based energy sources by companies such as Bank of America and Citi are an example of a stable type of investment. Investing in new forms of energy through venture capital -- especially green energy -- can be risky and is not commonly used by the banking industry, he said.
Despite the possible economic advantages of investing in coal-based energy sources, SEA and the Virginia Climate Action Network, a statewide coalition for university students in Virginia, are dedicated to promoting clean energy.
"This issue is especially pertinent for college students because Bank of America offers good deals and convenient banking for students," Richards said. "We don't want our money supporting a bank that invests in dirty energy; we want them to look to the future and promote green energy."
VaCAN decided to organize events protesting Bank of America and Citi Nov. 30 through Dec. 1 after the Rainforest Action Network held a Day of Action Against Coal Finance nationwide Nov. 16 to 17,
"We want them to stop funding coal-fired power plants, investing in dirty electricity and supporting mountaintop coal mining," RAN communications director Sam Haswell said.
The effects of these practices are "environmental catastrophes" for the surrounding communities, he said. "Both of these financial institutions [fund] a huge nationwide movement; over 150 new coal-fired power plants are being built."
This issue has many lasting implications for University students across the nation, according to first-year College student Will Stewart.
"A lot of things don't affect us now, but they will in the future -- that's what at stake here," he said.
Local Bank of America employees declined to comment on the protest or the bank's investment policies, and corporate headquarters did not respond to a request for comment.
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