US banking giants to abide by 'Carbon Principles'

San Francisco-based RAN believes the set of principles outlined by the banks could affect lending to coal-fired power plants. The plan calls for banks to pay due diligence to climate and economic risks associated with the construction of new coal plants. However, banks are not required to set firm reduction targets for coal sector investments. RAN wants banks to end all coal investments and says the Carbon Principles initiative is an important step toward recognising the climate risks associated with financing coal plants. Rebecca Tarbotton, RAN's global finance campaign director, sa...