Across the United States, utilities are proposing the construction of more than 150 new coal-fired power plants. Almost all of the proposed plants would use conventional coal-burning technology. Only 16 percent of the facilities would gasify the coal first to remove mercury, sulfur, and particulates. If built, the plants would increase global warming pollution from the electrical sector by 25 percent over 2004 levels. With climate regulations expected in the next few years, the proposed coal plants would put investors and ratepayers at risk of increased costs from carbon emissions and make it virtually impossible for the United States to bring emissions down to levels scientists say are needed to prevent the worst effects of global warming.

The Wall Street Seven is a group of banks—including JP Morgan Chase, Goldman Sachs, Lehman Brothers, Credit Suisse, Merrill Lynch, Citigroup, and Morgan Stanley—that are at the forefront of this dangerous coal expansion.

A coalition of national groups are working to stop the coal rush in its tracks by persuading the Wall Street Seven to stop investing in coal facilities because it does not make economic sense. With U.S. regulation of global warming emissions on the horizon, the cost of power from the proposed coal plants will rise, leaving both investors and consumers at risk.

Many of these companies portray themselves as environmental leaders. Yet, at a time when a growing number of businesses are taking action to reduce climate change emissions, these financial giants are bankrolling power plants that will help to accelerate global warming.

Please tell the CEOs of the Wall Street Seven to end their support for proposed coal-fired power plants and to help finance clean, renewable energy instead.