1)      Rainforest Action Network is calling on private banks around the world to reject requests for funding the 159 new coal-fired power plants outlined in the Bush Energy Plan.

a.       The outdated pulverized coal-fired technology being utilized is widely recognized by regulators and scientists as the highest greenhouse gas-polluting source of electricity.

b.       If completed, the plants will result in millions of tons of new carbon dioxide emissions per year, more than the total emissions of many countries.

c.       These projects will have massive implications for the local and global environment and lock in a new generation of antiquated, polluting technology.

d.       RAN has taken out an ad in the New York Times alerting banks around the world that they need to withhold financing for dirty coal projects, including Wall Street's biggest financiers of coal: Citigroup, Credit Suisse, Lehman Brothers, JPMorgan Chase, Goldman Sachs, Merrill Lynch and Morgan Stanley.

e.       Stopping new coal is a global responsibility, and we need the global financial industry to show real leadership and vision. We need a clean and secure energy future, and we need the world's largest banks to invest in getting us there.

2)      No coal is good coal

a.       Coal power is inefficient, unsustainable and environmentally destructive from the point of extraction to the power plant.

b.       Pulverized coal is one of the dirtiest and most greenhouse-gas intensive energy options.

c.       Many of the plants under the Bush Energy Plan have no plans for capturing CO2 emissions.

3)      Banks need to invest in a clean, sustainable future :

a.      In the 21st Century, banks should be shifting their resources away from dangerous energy sources such as coal and nuclear and focusing on clean sources such as wind and solar.

b.       Arranging and advisory banks involved in the dirty coal projects should develop an exit strategy and withdraw their support.

c.       Other banks that are invited to finance the project should decline support for this ill-advised investment.

d.       To help minimize and avoid climate risks, all banks should set GHG reduction targets that cover not only their operations, but also their financial services; including arranging and advisory relationships, investments, investment banking, underwriting and lending.

e.       Banks should develop policies and programs that prefigure the strictest global climate regulation targets consistent with scientific recommendations of the Intergovernmental Panel on Climate Change, and help their clients move quickly to adapt to a carbon-constrained economy.