As the world calls for immediate action to confront climate change, banks like Citi bank are only making nominal progress. Recently committing to investing $50 billion over 10 years, Citi remains the top financial arranger for the power and oil and natural-gas sectors in 2006, controlling 10 percent of the $272 billion power-lending market and 8.7 percent of the $310 billion oil and natural-gas lending market.
Many banks, including Citi, have been under increasing criticism over their investments in new coal-fired power plants, which emit more greenhouse gases than any other source of electricity. On the heels of stopping 8 of the proposed pulverized coal power plants in Texas by TXU Corp – we now have the momentum to stop coal once and for all. With TXU still planning to build 3 more coal plants (emitting 22 million tons of greenhouse gasses annually), and with another 159 coal plants proposed in the US over the next decade via the Bush Energy Plan – we must hold firm on our demands. No New Coal.
Dear Mr Prince,
America needs banks like yours to adopt meaningful environmental and social policies for financing and lending, including a climate protection policy that gets serious about global warming.
Why would your bank fund any project that so threatens our climate? Don't fund reckless coal power plant expansion. At a time when the world is demanding action to confront the global warming crisis, you are helping do more than any other corporation in America to INCREASE global warming gas pollution.
Please become a leader in the financing industry. Adopt a meaningful climate policy. Don't fund dangerous coal power plant projects.
Signed by:
[Your name]
[Your address]
