WALL STREET WEIGHS IN: NO FINANCING FOR COAL
Move shows investment banks see global warming emissions caps as inevitable

Three of Wall Street’s biggest investment banks—Citigroup Inc., J.P. Morgan Chase and Co., and Morgan Stanley—announced last week that they will require utilities seeking financing for coal-fired power plants to prove the plants will be economically viable under potentially stringent impending caps on global warming emissions. The new standards are a result of more than nine months of negotiations between the banks, some of the biggest utilities in the United States, and two environmental groups. The banks say they don’t want to be involved with debt that ‘goes bad’ as a result of government emissions caps requiring the power plants they finance to buy large numbers of extra pollution allowances.

The banks are under pressure from environmental groups but say their bigger motive is financial. With the top Republican and Democratic presidential candidates all favoring legislation to limit emissions, Wall Street sees the writing on the wall. The banks say they will encourage energy efficiency and renewable energy before backing new coal plants, and they will also help utilities push for new government policies that make efficiency programs and renewable energy increasingly more profitable.

In a related announcement, Bank of America has also decided to start factoring the cost of global warming emissions regulations into its financing decisions.

WHAT YOU CAN DO
Minnesota youth: make your voices heard!

This week marks the start of the 2008 Minnesota Legislative session, and a number of global warming pollution reduction bills are already being discussed. Fresh Energy is working with other members of Clean Energy Minnesota to promote solutions to global warming that enhance our economy and reduce Minnesota’s global warming pollution.

If you live in the metro area and are in your teens, 20s, or 30s:

Please join polar explorer Will Steger and Governor Tim Pawlenty for a “Youth Forum on Global Warming Solutions” at the O’Shaughnessy Education Center of the University of St. Thomas. The forum will be held on Monday, March 3 from 4:00-6:00 PM. This is your chance to let the Governor know that we need strong laws that reduce global warming pollution.

The Governors Youth Forum is a collaboration between the Office of the Governor Pawlenty, the National Governors Association, the Will Steger Foundation, and student leaders from the Minnesota youth climate movement. Please RSVP to Nicole or call (612) 278-7147.

And recognizing the many leadership voices outside the metro area:

The Minnesota Environmental Partnership (MEP) is organizing a series of Citizen Lobby Days at the Capitol in March, with a focus on different regions around the state. MEP will be coordinating buses from each region and will offer training on priority issues, instructions on lobbying legislators, tours of the capitol, and opportunities to testify on bills in key committees. MEP encourages participation of all community members.

Contact Patience Caso (651-290-0154) to register or register online.

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Fresh Energy works daily for smart energy policies and regulations that enhance our economies, protect human health and communities, restore our environment, and move us toward energy independence. www.fresh-energy.org