[MCN] Banks backing away from coal forever?
Lance Olsen
lance at wildrockies.org
Sun Mar 20 22:47:34 EDT 2016
DealBook|As Coal's Future Grows Murkier, Banks Pull Financing
New York Times
- ?1 hour ago?
A Peabody Energy coal mine in Wyoming. The
company announced last week that it might have to
file for bankruptcy.
http://www.nytimes.com/2016/03/21/business/dealbook/as-coals-future-grows-murkier-banks-pull-financing.html?_r=0
Excerpt
Mr. Morgan's bank, now JPMorgan Chase, announced
two weeks ago that it would no longer finance new
coal-fired power plants in the United States or
other wealthy nations. The retreat follows
similar announcements by Bank of America,
Citigroup and Morgan Stanley that they are, in
one way or another, backing away from coal.
While coal has been declining over the last
several years, Wall Street's broad retreat is an
ominous sign for the industry.
"There are always going to be periods of boom and
bust," said Chiza Vitta, a metals and mining
analyst with the credit rating firm Standard &
Poor's. "But what is happening in coal is a
downward shift that is permanent."
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Disappearing Arctic sea ice reduces available
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Jessica L. Oster et al. Late Pleistocene
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