RAN: Get Citi Out of Dirty Coal

May 10th, 2007 4:35 pm by Kelly Garbato

Via Rainforest Action Network:

Get Citi Out of Dirty Coal

As the world calls for immediate action to confront climate change, banks like Citi bank are only making nominal progress. Recently committing to investing $50 billion over 10 years, Citi remains the top financial arranger for the power and oil and natural-gas sectors in 2006, controlling 10 percent of the $272 billion power-lending market and 8.7 percent of the $310 billion oil and natural-gas lending market.

Many banks, including Citi, have been under increasing criticism over their investments in new coal-fired power plants, which emit more greenhouse gases than any other source of electricity. On the heels of stopping 8 of the proposed pulverized coal power plants in Texas by TXU Corp – we now have the momentum to stop coal once and for all. With TXU still planning to build 3 more coal plants (emitting 22 million tons of greenhouse gasses annually), and with another 159 coal plants proposed in the US over the next decade via the Bush Energy Plan – we must hold firm on our demands. No New Coal.

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