Gibber-gabber
Investment banks implement funding restrictions for coal-fired power plans
Milo Plurnbottom 2008-03-01 20:23:15 UTC

Source: Grist.com – Mark(et)ed for Death

Three Wall Street banks announce funding restrictions for new coal power plants

Three major investment banks, Citigroup, J.P. Morgan Chase, and Morgan Stanley, will announce new environmental standards today that are expected to make it more difficult for large coal-fired power plants in the United States to get funding.

The three banks said that they would consider funding energy efficiency measures and renewable-energy projects ahead of coal plants and that when funding coal projects they’ll heavily favor plants that can successfully capture and sequester their carbon emissions. The banks maintain that their primary motivation for the standards is financial; Wall Street bigwigs don’t want to be stuck with debt when coal plants are forced to pay for at least a portion of their emission allowances under cap and trade.

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