An experienced financial executive, Eric Fornell serves as vice chairman of investment banking and capital markets at Wells Fargo Securities, where he focuses much of his work on the energy and power sector. Eric Fornell’s past activities include serving on the Secretary of Energy’s National Petroleum Council and playing a key role in negotiating the Carbon Principles.
Established in 2007, the Carbon Principles are a set of guidelines designed to help banks assess the risks associated with providing financial support to new coal-fired power plants. Institutions that have adopted the principles and their accompanying Enhanced Diligence Process commit to taking a portfolio approach to energy investment, prioritizing renewables and energy efficiency, and addressing the future cost of CO₂ emissions in their financing.
The principles were developed through a partnership with several leading financial institutions, power companies, and environmental groups. The organizations involved in their creation included Citigroup, JPMorgan Chase, Morgan Stanley, American Electric Power, CMS Energy, and the National Resources Defense Council.
Investment expert Eric Fornell possesses nearly three decades of experience working for companies such as Goldman Sachs & Co. and JP Morgan Chase. In 2012, Eric Fornell joined Wells Fargo Securities as vice chairman of investment banking and capital markets. In his role, he provides guidance on energy and utility investments.
In December of 2014, the U.S. Department of Energy announced a $12.5 billion loan guarantee solicitation for nuclear energy projects. The strong financial push for clean-energy solutions suggests that the Department is seeking to spur the creation of innovative resources that will play a major contributing role in the future of advanced nuclear energy. Currently, nuclear energy projects place heavy emphasis on making adjustments to existing technologies, which limits the potential for discovering new sustainable energy alternatives. With a fast-approaching application deadline of March 18, 2015, the loan guarantee ensures that energy-focused organizations can receive the funding necessary to fulfill research and development initiatives.
In addition to the billion-dollar funding, the government allotted $8 billion for advanced fossil energy projects in December of 2013. Further, in early 2014, $6.5 billion and $4 billion were granted to the creation of two nuclear reactors and renewable energy resources, respectively.