27 Dec '11, 7pm

The Year In Dirty Energy: Money, Corruption, And Misinformation

The Year In Dirty Energy: Money, Corruption, And Misinformation

A new study by Urgewald, a German environmental organization, establishes a strong link between large multinational banks and the coal industry, one of the biggest contributors to climate change. The study (.pdf), "Bankrolling Climate Change," identifies the top 20 "climate killer" banks by the amount of financial support they give the coal industry. Number one is JP Morgan Chase, followed by Citi and Bank of America. That's despite lofty rhetoric from these companies about their work to address climate change. Building a 600-megawatt coal-fired power plant - a typical size - is going to cost over $2 billion. That's not money that utilities usually have just lying around in the corner. Bank financing pays an important role, either through direct lending or banks organizing capital for utilities to pursue these projects. The two most important roles of banks are as provider...

Full article: http://www.desmogblog.com/year-dirty-energy-money-corrupt...

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