Kevin Grandia's blog
Norway's finance committee has passed a motion instructing the country's $900 billion Sovereign Wealth Fund to divest of any company with large holdings of coal as their revenues.
A statement by the finance committee resolves that: "Investing in coal companies poses both a climate risk and a future economic risk."
If there's any political leaders out there still clinging to the line that they won't move on climate change until China moves, they need to read this article:
Peabody Energy (NYSE: BTU) is trading today as low as $3.71 per share, after holding just below the $5 mark for the last month.
Peabody's cost per share has dropped from $4.40 to $3.71 in less than 5 days.
In a town like Washington, DC, sometimes it pays to play both sides of the political fence, a strategy clearly not taken by Peabody Energy's (NYSE: BTU) political action committee (PAC).
St. Louis-based coal company Peabody Energy (NYSE: BTU) has seen its stock price plummet since 2011, but that has not stopped the company from spending big dollars on lobbyists to work over politicians and government officials in Washington, DC.
More than 200,000 people have voiced their opposition to a loophole that allows US coal companies to avoid paying millions in royalties every year to federal and state governments.
When it comes to climate denier coal executives, there is none more outspoken than Peabody Energy CEO Greg Boyce, who recently reiterated his belief that climate change is, "an environmental crisis predicted by flawed computer models."
Boyce made the "flawed" comment in the roll-out of Peabody's "five point plan" — which is more a grumpy rejoinder to a world keen on replacing coal with renewable energy, than an actual plan.
China has announced today that it will shut down 1,254 coal mines in 2015.
According to a statement by the Chinese government, the move is part of the country's efforts to transition to renewable energy sources.
Today at its annual general meeting the Bank of America announced that it is cutting off credit for coal mining projects.
"Today, our renewable energy portfolio is more than three times as large as our coal extraction portfolio," said Andrew Plepler, Bank of America's Corporate Social Responsibility.
A new coal report out today finds that despite growing risk, major banks continue to pump billions into the global coal industry. However, there are growing signs that coal is falling out of grace with major lenders.