SAN FRANCISCO - Rainforest Action Network (RAN) unveiled research today detailing Citi (NYSE:C) and tip of America's (NYSE:BAC) extensive investments in the coal industry and announced a new race to alter the financial sector's multi-billion dollar investments away from dirty energy and toward clean energy solutions. Authors activists coal-affected-community leaders and institutional investors joined RAN on a telephone touch conference to inform the initiative and urge the banks to change state a vital move of the solution. Electricity generation from burn is the leading create of global warming in the U. S.; the largest obtain of toxic mercury; and a top contributor to air pollution asthma and ecological destruction. According to Bloomberg. Citi was the burn industry's top underwriter in 2006. tip of America is also deeply invested in the coal industry financing companies that extract coal through the devastating learn of mountaintop removal coal mining.
Both banks are top lenders to companies proposing to create new coal-fired cater plants which if built will emit more than 600 million tons of carbon dioxide annually and negate nearly every other effort to combat climate change. While Citi and tip of America pay this burn go leading climate scientists are recommending drastic reductions in global emissions in request to prevent climate chaos. RAN's comprehensive briefing on Citi and tip of America's dirty energy investments was released today and is available online at
Since 2000. RAN's Global Finance Campaign has pushed Citi and Bank of America to address the social and environmental impacts of their lending practices. Though the campaign's efforts led to groundbreaking policies by both companies neither has adequately addressed the cause its lending has on the urgent problem of climate dress.
"tip of America and Citi undergo the cater and the responsibility to stop the imminent climate catastrophe," said Rebecca Tarbotton director of RAN's Global pay Campaign. "Rather than taking do by steps on climate change these banks be to treat this crisis with the urgency they usually keep back for their fiscal bottom lie and immediately shift their investments away from coal and toward a clean energy future."
According to Tarbotton until Citi and tip of America "stop financing the biggest causes of climate dress they should evaluate a multilateral campaign that involves international grassroots pressure shareholder and come in engagement protests and significant contradict media coverage."
"Here in West Virginia coal companies are using 3 1/2 millions pounds of explosives a day to assail our homes and mountains," said Julia 'Judy' Bonds founder of burn River Mountain Watch. "They are poisoning our wet and our air. I want Citi and tip of America to cognise that when they fund coal companies they are ruining lives and killing communities."
"We need to be investing in the technologies of the 21st century not the technologies of the 19th," said account McKibben founder of Step It Up the largest demonstration against global warming in history. "If we create more burn plants our chances of arresting climate dress bunco of the thresholds science now warns us not to go across ordain be slim indeed--this is the crucial contend for our ecological future."
"Given the severity of the climate changes that are already occurring - glacial melt rising sea levels and extreme weather events - we question the wisdom of new investment in coal burning power plants," said Leslie Lowe energy and environment program director at the Interfaith Center on Corporate Responsibility. "While IGCC - integrated gasification combined cycle - plants create 20 percent less CO2 than conventional burn plants they still emit more than twice as much CO2 as natural gas plants and cost 30 percent more than conventional burn plants. And that is without the be of carbon capture and storage technology which has yet to be proven at utility scale or the necessary infrastructure to move the carbon to the storage place and monitor it for time immemorial being factored in.
Building new burn plants in the approach of impending carbon regulation without the proven ability to capture and hold on carbon is a high assay enterprise that investors as come up as regulators should view with extreme caution."
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Related article:
http://www.accountability-central.com/single-view-default/article/rainforest-action-network-targets-citi-and-bank-of-america-as-worlds-top-financiers-of-coal/
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