350.org on Peabody declaring bankruptcy: “A harbinger of the end of the fossil fuel era”
Peabody Energy Corporation, the world’s largest private-sector coal company, filed for Chapter 11 bankruptcy today, spelling the end of coal and a bleak outlook for the entire fossil fuel industry.
Coal has been in a structural decline since 2013 and today’s announcement highlights the need to create a comprehensive plan for a just transition away from fossil fuels.
“Peabody Energy’s bankruptcy is a harbinger of the end of the fossil fuel era,” said Jenny Marienau, U.S. Divestment Campaign Manager with 350.org. “Peabody is crashing because the company was unwilling to change with the times — they doubled down on the dirtiest of all fossil fuels, and investors backed their bet, as the world shifted toward renewable energy. They have consistently put profit over people, and now their profits have plummeted. Our world has no place for companies like Peabody.” ….