Monday, December 18, 2006

Rainforest Action Network lobbies banks to pull coal plant money

The Rainforest Action Network (RAN) has sent letters to over 50 financial institutions, asking them not to lend TXU Corp. the $11 billion it needs to build 11 coal-fired power plants in Texas.

RAN and other concerned citizens and organizations don't want more coal plants to dirty Texas' air and contribute more carbon dioxide to global warming. RAN contends that the proposed plants will spew more carbon emissions than the combined emissions of 21 states.

TXU has secured funding from Citigroup, Morgan Stanley, and Merrill Lynch. Citigroup has been targeted by RAN in the past, and has adopted policies to curb its global warming investments. Reuters reports that Morgan Stanley is currently revising its environmental policy

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