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Tell Citigroup, Morgan Stanley, and Merrill Lynch to Stop Financing Climate Change!
Citigroup, Morgan Stanley and Merrill Lynch - three of the largest financial institutions in the world -- were helping TXU, Texas' largest utility, finance 11 new coal-fired power plants in Texas. Recently, Kohlberg Kravis Roberts Company and Texas Pacific Group offered to buy TXU and drop 8 of the 11 plants, reduce TXU's emissions, and support legislation capping carbon emissions.
If Citigroup, Morgan Stanley, and Merrill Lynch were willing to finance these 11 plants, what will stop them from financing the 100 remaining proposed coal-fired power plants in the US?
The stakes are high. If TXU's 11 plants had been built, they would have emitted 78 million tons of carbon dioxide per year, which is equal to the annual emissions of 14 million passenger cars! The plants that are still being planned all over the US are no less polluting, and there's still time to stop them. Coal-fired power plants are very expensive to build and if Wall Street stops backing them, they likely won't get built.
That's why all three financial companies need to hear from thousands of consumers today. Please join Co-op America in telling Citigroup, Morgan Stanley, and Merrill Lynch to end their support of coal-fired power plants and to help finance conservation and clean, renewable energy instead.
SIGN OUR LETTER NOW!
TO: Charles O. Prince III, Chairman and CEO, Citigroup Inc., John J. Mack, Chairman and CEO, Morgan Stanley, and E. Stanley O'Neal, Chairman, President and CEO, Merrill Lynch & Co., Inc
As a consumer and investor who is seriously concerned about climate change, I am deeply disappointed that your company was helping TXU finance 11 new coal-fired power plants. If built, these 11 plants would emit more CO2 than many countries and 21 different states. It is only due to Kohlberg Kravis Roberts' and Texas Pacific Group's proposed buyout of TXU that eight of these plants could be eliminated and environmentally positive steps taken.
I understand that there are still over 100 coal-fired power plants proposed throughout the US. These plants will pollute our air and water and contribute to climate change that will ruin the lives of millions of people for generations. Creating new coal-fired power plants is unethical, especially when renewable and energy efficient energy technologies can increasingly meet our needs.
The Kohlberg Kravis Roberts deal demonstrates that the utility industry is changing, and the issue of climate change now has a place at the negotiating table. As Al Gore noted in a recent speech on climate solutions, the phrase “clean coal technology” has no meaning unless it means “zero carbon emissions.” There is no such thing as zero-carbon coal technology, so you will only see more and more consumer, investor, legal, and legislative pressure against carbon and coal.
Climate change is the single most important environmental issue facing the planet. I urge your company to stop financing coal-fired power plants and invest in clean energy solutions - efficiency, solar, and wind power.
Thank you for your consideration. Your response would be appreciated.
Sincerely,
Your Name
Your City and State
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The views and opinions of expressed in postings above do not necessarily state or reflect those of Co-op America. We ask participants to keep their comments respectful in tone.
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