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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.
(Score: 3, Interesting) by TheRaven on Saturday February 04 2017, @04:40PM
The program that funded solyndra is on track to turn a $5 billion profit. And it wasn't even intended to turn a profit
Perhaps more importantly, Solyndra failed because the cost of solar panels dropped a lot faster than expected. They were pursuing a new design that aimed to drive costs down, and would have been very profitable if the price of PV cells had dropped at the predicted rates. It's a shame that they ended up wasting $500m, but their failure was caused by the objectives of the program being met and exceeded: PV prices dropped to the extent that they're now highly profitable without subsidy.
sudo mod me up