Banks get a conscience

Three of the U.S.A’s largest banks have released a series of “Carbon Principles” in response to community campaigns for lending policies that help safeguard the environment. 

Citi, JPMorgan Chase and Morgan Stanley have adopted the principles which call for greater due diligence by banks and utilities in assessing the climate and economic risks associated with the construction of new coal plants.

Environmentalists are describing the move as a sign that growing public support for a moratorium on coal development is finally influencing bank policy. However, campaigners are concerned that the banks have not set targets for reducing their existing investments in the coal sector.

 Finsec has supported similar campaigns in New Zealand for banks to consider the environmental and human rights implications of their lending practices.

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