More fiddling while Rome burns - banks float non-binding carbon principles

(RAN, San Francisco, 4 February 2008) Three U.S. banks have released a set of principles that could affect lending to coal-fired power plants. The Rainforest Action Network notes that the so-called "Carbon Principles" could be an important step toward recognizing the climate risks associated with financing coal plants, but are limited by their lack of any binding commitments and their failure to address the impact of destructive coal extraction methods. In November 2007, the European Parliament called for "the discontinuation of public support, via export credit agencies and public investment banks, for fossil fuel projects".