Finance
Bank of America appears to renege on pledge to not finance new coal projects
Former West Virginia coal miner Bo Copley says Biden will try to pander to China on ‘The Bottom Line.’
Although Bank of America pledged in 2021 to no longer finance any new coal mines and plants, or Arctic oil drilling, such projects will now face “enhanced due diligence” from the company, according to its “Environmental and Social Risk Policy Framework” from December 2023.
Bank of America’s December 2021 “Environmental and Social Risk Policy Framework” stated the company “will not directly finance new thermal coal mines or the expansion of existing mines,” including, “petroleum exploration or production activities in the Arctic,” The New York Times reported.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 33.47 | -0.08 | -0.24% |
It added it would also not “directly finance the construction or expansion of new coal-fired power plants,” with certain caveats.
REPUBLICANS UNVEIL EFFORT TO REVERSE BIDEN’S LATEST CRACKDOWN ON FOSSIL FUELS: ‘PURE POLITICS’
Bank of America is walking back one of its 2021 climate policies. (Justin Sullivan/Getty Images / Getty Images)
But those statements were removed from the 2023 version.
Bank of America told FOX Business in a statement, “We have a risk-based process for client transactions. Certain client relationships or transactions that carry heightened risks will continue to go through an enhanced due diligence process involving senior level risk review.”
The change comes as some states, like New Hampshire, Texas and West Virginia, have passed laws to prevent banks from refusing to finance coal projects, and have even sought to criminalize what is called, “environmental, social and governance” principles within companies, according to The Times.
DOZEN STATE GOP AGRICULTURE COMMISSIONERS LAUNCH PROBE OF US BANKS OVER ESG INVESTING: ‘IT MUST BE STOPPED’
Mined coal moves along a conveyor belt. (FOX Business / Fox News)
The conservative backlash to environmental considerations in business has led other companies to pull back from certain eco-friendly initiatives.
Last Monday, a coalition of 12 Republican state agriculture commissioners wrote a letter to six large U.S. banks, including Bank of America, over their net-zero ambitions, opening a new front in the pushback against what they call “woke investing,” a fight that has primarily been spearheaded by state attorneys general and financial officers.
All six banks are members of the Net-Zero Banking Alliance (NZBA).
Oil pipelines stretch across the landscape outside Nuiqsut, Alaska. (Bonnie Jo Mount / The Washington Post via Getty Images / File / Getty Images)
State officials warned that the banks’ involvement in the global eco alliance may impact food availability, lead to price increases, limit credit access for farmers, and have broad negative economic consequences.
“American agriculture is sending a clear signal: we will not bend the knee to the failed, left-wing climate agenda of the United Nations that seeks to cripple one of our country’s most critical industries,” Georgia Agriculture Commissioner Tyler Harper told FOX Business.
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“Now more than ever, banks that do business with America should be unquestionably supporting American industries — and that starts with the one that puts food on our tables, clothes on our backs, and shelter over our heads,” Harper continued. “The UN’s Net-Zero Banking Alliance would be the equivalent of a run on the bank for our nation’s agriculture industry and pose a serious threat to our national security — and it must be stopped.”
FOX Business’ Cate Nacci contributed to this report.
Digital payments are becoming an increasingly common part of everyday life in Uzbekistan, helping bring more consumers into the formal financial system and increasing demand for services beyond basic transactions.
According to a financial inclusion survey conducted by the Central Bank of Uzbekistan with support from the Asian Development Bank, 71.17% of respondents reported making or receiving at least one digital payment in 2025, compared with 39% in 2021.
The increase follows several years of policies aimed at expanding financial inclusion, encouraging electronic payments and introducing digital tools such as remote identification systems for banking customers.
Interviews conducted by Euronews on the sidelines of the Tashkent International Investment Forum (TIIF) suggest that the rapid adoption of digital payments is now beginning to influence wider parts of the financial sector, from lending and insurance to investment products and banking services for businesses.
Digital payments enter the mainstream
Industry executives point to a combination of demographic, technological and regulatory factors behind the growth of digital financial services.
Nikolay Seleznyov, co-founder of Uzum, a company active in e-commerce, digital payments and financial services, said the expansion is bringing more people into the banking system.
“More and more people are becoming bank customers. And this trend is irreversible.”
Oliver Hughes, chairman of TBC Uzbekistan, a digital bank operating through the TBC UZ and Payme applications, pointed to the country’s young population and widespread use of mobile technology as factors supporting the shift towards digital services.
The trend is also affecting established lenders. Dmitry Sapronov, deputy chairman of Ipoteka Bank, which became part of Hungary’s OTP Group in 2023, said customer demand for digital services has increased significantly in recent years, requiring banks to rethink how they deliver products and interact with clients.
Regulation and infrastructure
Executives said the growth of digital finance has been supported by both regulatory changes and investment in digital infrastructure.
The Central Bank and other institutions have introduced measures aimed at expanding financial inclusion and encouraging electronic payments, while digital identification systems have made it easier for consumers to access banking products remotely.
“The digital ID product was one of the biggest enablers here for all the players in the financial services industry,” Seleznyov said.
Anne Arundel County is preparing to launch a new finance and e-procurement system to modernize county operations and improve how businesses interact with local government.
The new platform, called Harbor, is scheduled to go live in July and will replace the County’s legacy procurement system with a centralized cloud-based platform built on Oracle Fusion Cloud.
County officials say the new system is designed to streamline procurement and financial processes while making it easier for both existing and prospective vendors to do business with the County.
From the press release:
“Harbor is a much-needed upgrade that will streamline services for our county agencies and those who do business with the county,” said Anne Arundel County Chief Administrative Officer Christine Anderson.
The platform will serve as a single portal for supplier registration, bid opportunities, invoicing, payment tracking, and contract management, consolidating what had previously been spread across multiple systems. County leaders say the transition is part of a broader effort to modernize operations, improve efficiency, and lower barriers for businesses seeking to compete for county contracts.
For counties, procurement modernization remains an important operational priority as local governments look to improve transparency, strengthen vendor engagement, and simplify access for businesses of all sizes. Anne Arundel County has encouraged interested suppliers to review training materials and registration information ahead of the July launch.
Finance
Quadient Recognized as a Leader in the 2026 SPARK Matrix for Accounts Receivable Applications
Quadient demonstrates continued innovation in AI-driven invoice-to-cash automation and unified finance operations
Paris
Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announced today it has been recognized for the fifth consecutive year as a Leader in the 2026 SPARK Matrix™ for Accounts Receivable Applications by technology analyst and advisory firm QKS Group. Quadient strengthened its position in the report year-over-year, with a notable improvement in Technology Excellence, reflecting continued innovation in its AI-driven invoice-to-cash solution.
According to QKS Group, Quadient’s leadership position highlights its evolution into a comprehensive, AI-powered platform that delivers strong predictive accuracy and straight-through processing. The analyst firm also emphasized the capability of Quadient’s solutions to unify accounts receivable (AR) and accounts payable (AP), offering finance leaders greater visibility and insights into their business finances to make faster, better decisions on working capital management.
Earlier this month, Quadient announced the release of its new cash dashboard capability for AR and AP that allows finance teams to bring together traditionally siloed data in a single view. An AI assistant summarizes key metrics and provides analysis that helps finance leaders accelerate cash on hand, improve forecasting, reduce risk and uncover opportunities to optimize working capital.
“Quadient has established a strong position in the 2026 Accounts Receivable Automation market through its focus on intelligent automation, cash flow optimization and integrated financial operations,” said Sanjeevi C R, associate vice president, Enterprise Research at QKS Group. “The platform’s evolution from predictive analytics to AI-driven autonomous collections execution represents a meaningful step forward in reducing manual effort across the invoice-to-cash cycle. What differentiates Quadient is its ability to combine collections management, cash application, and payment processing with a unified accounts receivable and accounts payable ecosystem, providing finance leaders with a more holistic view of working capital performance. By enabling greater automation, enhanced cash flow visibility, and more efficient receivables operations, Quadient continues to deliver measurable value for organizations seeking to modernize their financial processes and improve liquidity management.”
QKS Group highlighted the following key strengths for Quadient AR:
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