Just about every big Wall Street securities firm has an environmental policy. Most have promised to reduce (and disclose) their greenhouse gas emissions, which would suggest that they take the issue of climate change seriously. But do they?
Today’s CNNMoney column asks how Merrill Lynch, Morgan Stanley and Citigroup can claim to be green, even as they are the lead underwriters for a Texas utility company’s $10-billion plan to build 11 coal-fired generating plants. I’ve written about TXU’s project before, but this column focuses on the lenders, who are coming under some pressure from environmental groups. Here’s how it begins:
Merrill Lynch talks a good game when it comes to saving the earth.
“We are committed to a policy of environmental excellence,” the Wall Street securities firm says.
This raises a couple of questions.
Why, then, is Merrill a lead underwriter for a $10-billion plan to build 11 new coal-fired power plants in Texas that is strenuously opposed by just about every major environmental group in the United States?
And what do the environmental policies of the Wall Street investment banks mean – if, that is, they mean anything at all?
You can read the rest of the column here.