The Carbon Principles are a series of guidelines established by three leading
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...
banks—
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
Inc.,
JP Morgan Chase, and
Morgan Stanley—to assess the risks in financing electric power projects in terms of climate change. These principles call for "enhanced diligence" in evaluating electric power industry borrowers in terms of their use of
energy efficiency
Energy efficiency may refer to:
* Energy efficiency (physics), the ratio between the useful output and input of an energy conversion process
** Electrical efficiency, useful power output per electrical power consumed
** Mechanical efficiency, a ra ...
;
renewable and
low-carbon distributed energy technologies; and conventional and advanced generating technologies. These guidelines were announced in February 2008 to address the increasing public concern over the plans to create over one hundred coal power plants in the United States.
The Climate Principles are of a similar framework for the climate change practice of the financial sector. This is a comprehensive industry framework for a response to climate change and has been adopted by Crédit Agricole, Munich Re, Standard Chartered, Swiss Re and HSBC.
The Carbon Principles are a development of consultation with the U.S. electricity utilities sector.
References
* http://www.eere.energy.gov/news/enn.cfm#energy
*https://www.banktrack.org/download/the_principle_matter_banks_climate_and_the_carbon_principles/ran_the_principle_matter_carbonprinciplereport.pdf
External links
*
Climate change assessment and attribution
Climate change in the United States
Electricity economics
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