WASHINGTON -- Bank of America is cutting off its financing for coal extraction projects, the company announced at its shareholder meeting Wednesday.

"With regard to coal, over the past several years, we have been gradually and consistently reducing our credit exposure to companies focused on coal mining," said Andrew Plepler, Bank of America's Corporate Social Responsibility executive, at the meeting. The new policy, he said, "reflects our decision to continue to reduce our credit exposure, over time, to the coal mining sector globally."

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