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RAN Gets Positive Response to Earth Day Challenge to Banking Community

Rainforest Action Network (RAN) is quite pleased with the response they got to the Earth Day challenge they put out to the U.S. banking community. They called on the 10 largest U.S. banks to adopt standards that meet or exceed those of Citigroup, the largest bank, by Earth Day on April 22. After a four year relentless RAN campaign, this January Citigroup adopted a far-reaching environmental policy. They agreed not to finance projects in "critical natural habitats" unless borrowers show they "will not significantly degrade or convert the critical natural habitat." They will not to finance commercial logging operations or logging equipment to be used in rain forests, and will protect areas that might suffer ecological damage from development. The guidelines includ phasing out funding for the oil, gas, mining, and logging industries in endangered ecosystems; reducing funding for greenhouse gas producing industries and tracking the emissions those project generate, among other things. The changes would affect billions of dollars of loans a year. RAN's challenge went to: J.P. Morgan; Bank of America; Wachovia Corp.; Wells Fargo; Bank One; FleetBoston; U.S. Bancorp; SunTrust; Goldman Sachs and John Hancock. Eight of the ten banks responded to RAN's letter. RAN is in […]

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Ontario Calls for 300 MW of Renewables

Ontario released a Request for Proposal (RFP) which asks for bids for 300 MW of renewable energy capacity. This will help the government meet its target of generating 5 percent (1,350 MW) of Ontario's total energy capacity from renewable sources by 2007, and 10 percent (2,700 MW) by 2010. Dwight Duncan, Ontario's Minister of Energy, said, "Renewable sources of generation, together with the emergence of a strong conservation culture, will help us clean up our air and replace coal-fired generation in Ontario." "The release of this RFP demonstrates that the McGuinty government is serious about meeting the renewable energy targets we have set," Duncan said. "It is a significant and historic first step in what will be a very important part of our energy future. We are sending a clear signal that we want participants in the market interested in clean, renewable electricity to come to the table to help us meet our supply needs." The deadline for bids is July 30th. The winners may be announced as early as November 2004. Website: [sorry this link is no longer available]     

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