Citi, JPMorgan Chase and Morgan Stanley came together along with multiple power companies to form a set of Carbon Principles. The Principles were created after an extensive 9 month study, of which the goal was to set up a system to evaluate and address carbon risks of financing electric power projects. Matt Arnold, director of Sustainable Finance, which helped develop the Principles said, "There was a remarkable amount of debate and exchange of information and views among the banks, power companies and environmental organizations. The dialogue resulted in a rigorous analysis of the carbon risks in power investments, and sets the stage for further discussion." The three Principles established are energy efficiency, renewable and low carbon distributed energy technologies, and the conventional and advanced generation.