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posted by Fnord666 on Saturday February 04 2017, @12:42AM   Printer-friendly
from the rolling-coal dept.

Remember when Bank of America promised to stop financing coal mining? They weren't the only ones getting cold feet about this formerly dominant energy source. Now The Guardian is reporting that Deutsche Bank is committing to end financing of new coal mining and new coal-fired power plant construction.

This pledge is being made, says the bank, to back up its commitment to supporting the Paris Climate Deal. But it is also, most likely, a very prudent investment decision. With India phasing out new coal plant construction years earlier than recommended, China reducing its pipeline too, and huge utilities and whole countries alike saying they are pretty much done with coal, it's getting increasingly hard to see where the future for this industry lies.

It seems the age of fossil fuels may be drawing to a close.


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  • (Score: 2) by Runaway1956 on Saturday February 04 2017, @03:01AM

    by Runaway1956 (2926) Subscriber Badge on Saturday February 04 2017, @03:01AM (#462717) Journal

    You make a point that is worth keeping in mind. When the coal industry starts bellyacking about putting people out of work, remember that there aren't all that many people working in the coal mines. I suspect that there are more people employed in transporting the coal, than there are employed in, on, and around the mines. In places where the coal is primarily moved by rail, the coal industry doesn't even employ very many truck drivers. A couple front end loaders, and a very small number (3?) of railway employees can move thousands of tons of coal per day.

    Yes, closing the coal mines will have an economic impact, but not nearly as big an impact as they would have you believe.

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