05 Dec '11, 8pm

US Banks Provide Most Funds for Coal-Fired Power Plants

US Banks Provide Most Funds for Coal-Fired Power Plants

"We all know that climate change is happening." Thus begins an important new report from BankTrack , a Netherlands-based nongovernmental organization (NGO). The burning of coal is one of the most significant contributors to climate change, responsible for as much as 80% of global greenhouse gas (GHG) emissions. The construction of new coal-fired power plants is an expensive proposition as well. On average, the cost of a new plant is about $2 billion. Such projects obviously require bank financing; but financial institutions that are signatories to the Equator Principles commit to managing environmental and social risks in their project finance transactions. A comparison of those banks named in BankTrack's new report as providing the most financing of coal-fired power plant construction with those that are designated as Equator Principles Financial Institutions (EPFIs) reve...

Full article: http://www.greenbiz.com/news/2011/12/05/us-banks-provide-...

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