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Students protest bank's funding of coal-fired power plants

November 18, 2007

MSU student environmentalists brought a message to the streets of East Lansing on Friday: No new coal-fired power plants.

In front of LaSalle Bank, 2731 E. Grand River Ave., members of ECO, an MSU student environmental group, said they were protesting the bank’s practice of lending to coal-fired power plants.

The protest was part of the Rainforest Action Network’s, or RAN, National Day of Action Against Coal.

Michael Collins, a member of ECO, said he was trying to educate the bank’s customers about its lending practices.

“I think people who come to this bank care where it’s spending it’s money,” Collins said. “We’re asking them to invest in more energy-efficient and clean technology.”

Coal-fired power plants are responsible for a large portion of greenhouse gases, and banks should take that into consideration before investing in them, Collins said.

“If they are going to fund something, fund something better,” Collins said. “Today is about getting people to think about that.”

Eloise Hale, spokeswoman for Bank of America, said investing in coal is unavoidable. More than 50 percent of the nation’s electricity comes from coal.

RAN is unfortunately ignoring important economic realities,” Hale said. “We’re all facing the challenge of developing and using clean renewable technologies.”

LaSalle Bank is a subsidiary of Bank of America.

Katie Deska, an American studies senior, said educating the public on the effects coal fired power plants have on the environment is important.

“Once you start talking, you open up a conversation and an exchange of ideas,” Deska said. “You have to question people just like I need to be questioned. If nothing’s discussed, nothing’s going to change.”

That discussion was on display when Deska was asking Tim Arnold and his friends to sign a petition urging banks to invest more in renewable energy.

Arnold, however, wouldn’t sign the petition. The marketing senior said he didn’t feel comfortable signing something he knew little about.

“Banks have the right to invest in what they invest in,” Arnold said. “If I had more knowledge about it I might sign.”

Even though Arnold didn’t sign the petition, Collins said he didn’t consider the exchange a failure.

“That’s what today’s about, getting people to think about it,” Collins said. “Maybe they will go on the Internet and find out about it.”

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