Editorial: Wall Street’s Retreat From King Coal

first_img FacebookTwitterLinkedInEmailPrint分享From the New York Times:The grave environmental damage from coal-fired power plants has done nothing to deter the Senate majority leader, Mitch McConnell, from decrying a “war on coal” and orchestrating his own war against the Obama administration’s climate change agenda. But he and other coal-state Republicans would be foolish to ignore the growing consensus on Wall Street that King Coal, for all its legendary political power, has turned into a decidedly bad investment.JPMorgan Chase announced this month that it would no longer finance new coal-fired power plants in the United States or other advanced nations, joining Bank of America, Citigroup and Morgan Stanley in retreating from a fuel that provides about one-third of the nation’s electricity and accounts for about one-quarter of the carbon emissions that feed global warming.Cleaner and cheaper natural gas is fast becoming the preferred investment, a blunt marketplace reality that is sure to weaken coal’s grip on the planet as much as moral and environmental concerns. Last week’s announcement by Peabody Energy, the world’s largest private-sector coal company, that it may have to seek bankruptcy protection, just as three other major coal producers have done recently, provided a dramatic confirmation of this trend.Main Street also seems to be getting the message. Two weeks ago, Gov. Kate Brown of Oregon signed ambitious legislation — agreed to by environmentalists, consumer groups and power producers — that requires the state’s two largest utilities to stop importing out-of-state coal-generated power by 2030 and to use renewable energy to meet half of the demand of their customers by 2040. Oregon’s only in-state coal-fired plant will close by 2020.Even so, Mr. McConnell persists in his campaign to block the administration’s clean power rule, the centerpiece of Mr. Obama’s plans to reduce greenhouse gas emissions by steering power producers away from dirty coal-fired plants to cleaner sources of energy. Ever ready with new and more mischievous strategies, Mr. McConnell has encouraged court challenges to the rule and has gone so far as to tell Republican-led states to ignore it, further deepening his party’s sorry retreat into science denial.Though reeling now, the coal industry insists it will rebound by selling more to markets like China. But this is little comfort to workers who can read the markets better than Mr. McConnell can. Rather than encouraging obstruction, the senator, who received $273,850 in campaign contributions from the coal industry for his 2014 re-election, should be taking the lead in crafting government programs to help the industry, miners and communities as they face a hard period of inevitable transition.Even as the administration cracks down on coal — in recent weeks it has also suspended new coal leasing on federal lands — it has called for job training and other assistance to ease the pain. These are the types of creative adjustments that Mr. McConnell and his colleagues should be tackling, instead of clinging to King Coal’s fading past.Wall Street’s Retreat From King Coal Editorial: Wall Street’s Retreat From King Coallast_img read more

Former Nigeria coach lauds Arteta’s FA Cup win

first_imgFormer Nigeria coach, Sunday Oliseh, is elated that Mikel Arteta proved his worth by leading Arsenal to a 2-1 win over Chelsea in the FA Cup final on Saturday. Arteta, who won the FA Cup as a player with the Gunners, secured his first silverware as a manager as the North London heavyweights triumphed at an empty Wembley Stadium. After Christian Pulisic’s opening strike in the sixth minute, Pierre-Emerick Aubameyang’s brace inspired Arsenal’s fight-back at Wembley Stadium as they lifted a record 14th FA Cup title. Loading… The Spaniard took over at the helm of the Emirates Stadium outfit in December 2019 after working under Pep Guardiola at Manchester City where he won two Premier League titles, an FA Cup and two League Cups as an assistant manager. read also:Arteta still on cloud nine after Arsenal’s Europa League qualification After seeing how Arteta turned around Arsenal’s 2019-20 campaign to secure qualification for next season’s Europa League thanks to their FA Cup triumph, Oliseh expressed his delight and respect for the 38-year-old coach. “Congrats and respect to Arsenal and coach, Arteta,” Oliseh tweeted. “What seemed a season to forget just days ago, ends a huge success for Arsenal: FA Cup winners, Europa League qualification, beat Liverpool and holders Manchester City. FacebookTwitterWhatsAppEmail分享 center_img Promoted ContentWho Is The Most Powerful Woman On Earth?6 Ridiculous Health Myths That Are Actually TrueCouples Who Celebrated Their Union In A Unique, Unforgettable WayWhat Happens To Your Brain When You Play Too Much Video Games?7 Worst Things To Do To Your PhoneTop 10 Tiniest Phones Ever Made9 Talented Actors Who Are Only Associated With One RoleCan Playing Too Many Video Games Hurt Your Body?7 Of The Wealthiest Universities In The World15 Celebs Whose Careers Were Thwarted After One Simple MistakePlaying Games For Hours Can Do This To Your BodyIs This The Most Delicious Food In The World?last_img read more