Two years ago, some of the biggest banks announced the Carbon Principles. Heralded as a new path for the banking industry, The Carbon Principles were supposed to make it “tougher to finance conventional coal-fired plants in the U.S.”

Today, we release our new report  http://salsa.wiredforchange.com/dia/track.jsp?v=2&c=gjkLELXGRCm6e1kZE68om7Z7zdTXIu4B examining the implementation and impact of these Principles, and the role that banks play in financing filthy new coal plants. The news is not good.

Our research reveals that, while the broader economy has been shifting away from new coal power plants, the banks signed on to the Carbon Principles are continuing with business as usual in regards to financing dirty coal.

Tell the banks to stop funding coal-fired power plants.

Coal-fired power plants provide nearly 50 percent of our electricity and, pound for pound, are the planet’s dirtiest source of energy. Burning coal is the nation’s top source of air pollution and toxic mercury, and is responsible for one third of the country’s greenhouse gas emissions – nearly 2 billion tons per year.

Yesterday, activists paid a well-deserved visit to Duke Energy’s Cliffside coal power plant in North Carolina, which received almost $1 billion in financing from the banks that adopted The Carbon Principles. It’s high time for banks to stop funding climate change.

Demand that the bankrolling of dirty coal be stopped!

We have delivered copies of our report to all the banks this morning. Please join us in telling the banking sector that the Carbon Principles just don’t cut it. Ask the banks to phase out support for all new and existing coal-fired power plants.

For clean air and a healthy planet,

Amanda Starbuck

Energy Finance Campaign