Going green may be tough for top banks

The top investment banks have all pledged to do their part to be sensitive to the environment. Citigroup, Bank of America, JPMorgan Chase and Wachovia are all signatories to the Equator Principles, guidelines for projects in the Third World. Goldman Sachs has made some PR hay about its environmental focus. But living up to such principles will not be easy. Certainly, not everyone will be pleased. Morgan Stanley, Citigroup and Merrill Lynch, for example, face a tricky situation in Texas. They have prominently noted their environmental sensitivities, but they are also underwriting plans to build new coal-fired power plants. These plants have been criticized by nearly all major environmental groups. Citigroup's policy is to apply more rigorous standards for the Third World than for the developed world.

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