The article from the New York Times (online) by Tom Zeller Jr. discusses the actions of lenders of projects that are NOT environmentally friendly; in this case: mountaintop removal mining. Several large commercial lenders, such as Wells Fargo and JPMorgan Chase, Bank of America, Credit Suisse, Morgan Stanley, and HSBC (based in London) , have limited or put a halt to financing projects and lending to companies engaged in mountaintop removal mining. This type of mining, which as become very common in the United States, as companies try to provide inexpensive electricity. Below the surface of appealing low electric prices, this type of mining involves blowing off mountaintops and disposing of the debris into streams and valleys below. Environmentally friendly? Take a lucky guess. Financing these projects puts lenders at risk for bad reputations -- many have environmental risk management divisions. U.S. banks and environmental advocates are now developing practices and voluntary standards toward the assessment of “carbon risks in the financing of electric power projects." However, although many banks no longer finance companies for these types of projects, there are still many banks who will take their business. I think this is definitely an important issue, as it has to do with the abuse of our environment. There are other ways to obtain electricity, and although mountaintop removal mining is cheaper for the consumer, in the long run, it definitely is not worth the environmental effects we could suffer from it later.
http://www.nytimes.com/2010/08/31/business/energy-environment/31coal.html?ref=us
good news, hooray! I read this one too.
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