New York’s attorney general Andrew Cuomo reached an agreement Wednesday with Xcel Energy, under which the multi-state electric utility company will disclose to investors the financial risks of climate change and carbon-emission compliance.
It’s the first agreement of its kind, and may greatly increase the costs of financing new coal-fired power plants.
According to The New York Times, Cuomo’s office is now negotiating similar agreements with four more large electric utility companies.
If these agreements become common practice, Wall Street investors will think twice about investing in coal plants. It may be another nail in coal’s coffin.
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