AlterNet: Who's Funding Global Warming?

[marmar]

Who's Funding Global Warming?

By Tara Lohan, AlterNet. Posted February 5, 2007.



Find out which banks are part of the problem, and which are part of the solution, in the fight against global climate change.

Wearing hats shaped like smokestacks and carrying signs that said, "Coal Investments Cook the Climate," a group known as Billionaires for Coal raised awareness last week about the plans by TXU, a Dallas-based utility company, to build 11-new pulverized coal-fired power plants in Texas.

The activists delivered suitcases of coal, but the recipient of their gift was not TXU and they were a long way from Texas. Instead, their action took place in New York's financial district where they visited the headquarters of Merrill Lynch -- a company that is putting coal and profits above human health and climate change.

Merrill Lynch is one of three major financial institutions, along with Morgan Stanley and Citigroup, that have agreed to arrange the needed $11 billion to finance TXU's plants.

It is widely known among scientists and regulators that coal-fired power plants are the most polluting form of electricity and right now, the world needs every opportunity it can to move away from the production of more greenhouse gas (GHG) emissions. .....(more)

The rest of the article is at: http://www.alternet.org/envirohealth/47615/