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Citigroup Inc., J.P. Morgan Chase & Co. and Morgan Stanley say that they have concluded that the U.S. government will cap greenhouse-gas emissions from power plants sometime in the next few years. They do not want to have to deal with debt resulting from their financing of more coal-powered plants that produce electricity. So the owners of these plants are to look at renewable-energy options. They are to assess whether the plant design and nearby geology would allow emissions to be captured and stored underground. They need to ensure that the plant will be allowed to charge electricity rates high enough to cover the cost of buying emission allowances.
It is clear that these banks and many others are under pressure from the environmental groups, but their reaction is purely financial. And besides everything else, it makes perfect sense to be earth stewards. Many individuals start realizing the effects of CO2 on the environment. A recent 60 Minutes program shows how the glacier From Alaska to Argentina is melting away. Fresh water will soon become a major problem. The banks are now saying that they will encourage energy-efficiency and renewable-energy pushes before backing new coal plants.
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