Dallas-based energy company TXU Inc, is utterly committed to global warming. So committed in fact, that they’re willing to build 11 new coal-fired power plants in Texas over the next 6 years that will spew forth over 78 million tons of carbon each year.

For those of you counting at home, thats more than what the entire country of Japan has committed to cutting in their Kyoto agreement and more than what 21 U.S. states emit annually, or the equivalent to the emissions of 14 million new cars on America’s roads.

You can bet that some shareholders of TXU raised an eye-brow at the plan and some have even decided to get out. Investment firm Dodge and Cox (that handles over $104 billion in separate accounts and mutual funds) dropped TXU over concern that this power plant plan was ” a concern.” Investors seem to be worried with how the plants will deal with increased environmental regulations as the project could easily double its CO2 emissions.

How much carbon will these new coal-fired beasts pump into our air and atmosphere? From the WashPost:

Not every energy company is planning to curb greenhouse gas emissions in the near future. TXU Corp. is planning to spend $10 billion to build 11 new coal-fired power plants, which would more than double the company’s carbon dioxide emissions, from 55 million tons to 133 million tons a year. That increase in emissions is more than the total carbon dioxide pollution emitted in all of Maryland or by 10 million Cadillac Escalade sport-utility vehicles.

I’m sure their clients would appreciate a couple brand-new Escalades rather than 11 new coal plants, but both will do severe damage to Texas’ already dangerous air quality (they ranked first in tons of CO2 and NOx emissions of all 50 states). It’s a wonder more Texans aren’t up in arms about this.

The power behind the project lies with their Governor, Rick Perry, who all but lavished the company with a blank check to do whatever they please. And, like any good corporate-political power relationship, they give back. Gov. Perry recently fast-tracked the bill to speed up the process, and in a strategic move, limit the amount of opposition that might coalesce behind it. But TXU also derives power from the banks that throw multi-million dollar loans supporting their projects, however egregious they may be.

One of these banks is Merrill Lynch, which is one of the major U.S. banks that has yet to commit to any environmental or socially just policies in how they lend money and to whom. (in case you forgot, Merrill Lynch was tied to the Enron scandal back in 2002).

Seems to me there are more than enough reasons for this project not to go through. Besides the political corruption questions between TXU and Perry, and besides the financial risk involved in investing in coal today (talk about short term money strategies), the glaringly apparent reason this project should not go through is plain and simple–we can do better than this. We don’t need to keep playing to the lowest common energy denominator. We don’t need to keep paying money to pollute our own air, skies and water. We don’t need to blow the tops off mountains for this dirty energy. We can do better.

Wouldn’t it be nice to have leaders among corporate America and Congress who actually believed in more than the bottom-line and didn’t have to “sucker” people into their arguments under the guise of a public “do-gooder?” They’re out there. But not within TXU or Gov. Perry’s team.

Environmental Defense has a great background on the issue. Read up.