The banks can see the political hand-writing on the wall, but their actions may force change more quickly than the politicians.
Three of Wall Street's biggest investment banks are set to announce today that they are imposing new environmental standards that will make it harder for companies to get financing to build coal-fired power plants in the U.S.
Citigroup Inc., J.P. Morgan Chase & Co. and Morgan Stanley say they have concluded that the U.S. government will cap greenhouse-gas emissions from power plants sometime in the next few years. The banks will require utilities seeking financing for plants before then to prove the plants will be economically viable even under potentially stringent federal caps on carbon dioxide, the main man-made greenhouse gas.
Monday, February 04, 2008
Wall Street Caps Coal
Easy money for coal-fired power plants may be coming to an end, according to this post in the Wall Street Journal: