By Stephen Leahy

Oct 2 (IPS) – As global warming melts the Arctic, the United States’s biggest banks are investing billions of dollars in as many as 150 new coal-fired power plants around the country.

The obvious climatic and fiscal stupidity of such investments is staggering, say environmentalists.

“What are they (the banks) thinking?” asked Leslie Lowe, energy and environment programme director at the Interfaith Centre on Corporate Responsibility.

Carbon regulations are coming, and profiting from the destruction of nature and communities is immoral in any case, Lowe told IPS at a press conference. Carbon regulations are coming, and profiting from the destruction of nature and communities is immoral in any case, Lowe told IPS at a press conference.

“It is folly to build new coal-fired plants,” she said. Continue reading →