Banks| Dodgy Deals| Map| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Join our Active Allies list
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2020-12-22 00:00:00
Blog: In 2020, the Equator Principles struggle to remain relevant
2020-12-14 00:00:00
The battle to stop Line 3 is heating up on the ground and across the US
2020-12-14 00:00:00
Corporate accountability and the just transition: Frameworks for holding corporations accountable for climate change
2020-12-12 00:00:00
Five years since the Paris Agreement, are banks' 2050 pledges enough to reign in fossil fuel finance?
2020-09-24 12:53:20
Oscislowo open-pit coal mine cancelled
2020-09-08 13:07:41
Strengthened OECD guidance on responsible banking
2020-02-25 10:35:27
JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank
2020-02-18 17:27:23
Civil society groups welcome Royal Bank of Scotland preparing to exit fossil fuels
Connect
2020-11-30 00:00:00
Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact
2020-11-24 00:00:00
"Trust Us, We're Equator Banks": Part II
2020-11-18 00:00:00
Crude Risk: Risks to banks and investors from the East African Crude Oil Pipeline
2020-09-16 00:00:00
Principles for Paris-Aligned Financial Institutions: Climate Impact, Fossil Fuels and Deforestation
2020-08-17 00:00:00
"Trust Us, We're Equator Banks": Part I
2020-03-18 00:00:00
Banking on Climate Change - Fossil Fuel Finance Report 2020
See all publications
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Home › News
“Carbon Principles” Another Nail in Coals Coffin
Growing anti-coal movement forces banks to take first step toward ending coal finance
Start
Banks

By: Rainforest Action Network
2008-02-05
San Francisco

Share this page:

Three of the nation’s leading banks – Citi, JPMorgan Chase and Morgan Stanley – released a set of principles yesterday that could affect lending to coal-fired power plants. The so-called “Carbon Principles” reflect the tremendous pressure felt by members of the financial industry for their investments in coal and other greenhouse gas-intensive industries.

According to Rainforest Action Network (RAN), which is calling on banks to end all coal investments, the Carbon Principles are an important step toward recognizing the climate risks associated with financing coal plants but are limited by their lack of any binding commitments and their failure to address the impact of destructive coal extraction methods such as mountaintop removal mining.

“The proof is in the pollution,” said Rebecca Tarbotton, Director of RAN’s Global Finance Campaign. “If this policy prevents the financing of new coal, it will be productive.”

The principles, which call for greater due diligence by banks and utilities in assessing the climate and economic risks associated with the construction of new coal plants, are a sign that growing public support for a moratorium on coal development is finally influencing bank policy. However, the principles would not require banks to set firm reduction targets for their investments in the coal sector.

“Calling them the ‘Carbon Principles’ is an overstatement,” said Tarbotton. “A serious climate change policy would commit the banks to emissions reductions in their financing and extend beyond coal into other carbon-intensive sectors such as coal mining and the oil and transportation industries.”

RAN, which in the past successfully challenged several of the world’s largest banks – including Citi, Bank of America, JPMorgan Chase and others – to adopt project lending policies that help safeguard the environment and human rights, is currently pushing banks to stop funding coal and other carbon-intensive sectors that contribute heavily to climate change. RAN has called on banks to set meaningful reduction targets for their financed investments.

Since January 2007, RAN and its allies have organized more than 60 public protests at Citi bank branches across the country and thousands of online actions to pressure the financial giant to stop funding coal.

For more on RAN’s Global Finance Campaign, visit www.dirtymoney.org

Related banks

Citi United States

active

JPMorgan Chase United States

active

Morgan Stanley United States

active
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted