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Goldman Sachs Sells Off Remaining Equity In Pacific Northwest Coal Export Terminal
News broke yesterday that Goldman Sachs Infrastructure Partners sold off its remaining equity investment in Carrix, the parent company behind the colossal coal export terminal proposal north of Bellingham, WA, according to Rainforest Action Network.
Goldman Sachs did own 49 percent interest in the proposed coal export terminal, which would export 48 million tons of coal to Asian markets each year. The new investor is Fernando Chico Pardo, a Mexican businessman.
"It is encouraging to see a major bank like Goldman Sachs taking a big step away from the coal industry by exiting the partnership behind the Gateway Pacific Terminal at Cherry Point," said Amanda Starbuck, energy and finance program director at Rainforest Action Network. "The bank’s action sends a strong signal that if we are serious about protecting our environment from serious climate pollution, coal export terminals like the one at Cherry Point simply cannot be built."
The move comes after coal companies and their investors have shelved three out of six proposed coal export terminals in the Pacific Northwest in the last two years.
“Goldman Sachs’ stepping away from coal export is yet another sign from Wall Street that coal export is a losing investment," said Crina Hoyer, executive director of RE Sources for Sustainable Communities. "We already know that local Main Street businesses would feel the negative impacts from coal export, and communities across the region are saying no to this bad deal because of health, climate, environmental and economic impacts.”
According to Power Past Coal, recent financial records have shown several of the companies are on shaky financial ground. Market analysis by Goldman Sachs, Bernstein Research, Deustche Bank, Bank of America and other market exports have reported that coal demand abroad is likely on a permanent decline. In an analysis in July 2013 Goldman Sachs wrote, “We believe thermal coal demand growth will slow down in the coming years ... the potential for profitable investments in new thermal coal mining capacity is becoming increasingly limited.”
If built, the Gateway Pacific Terminal at Cherry Point would be the largest coal export terminal in North America and would mean up to 18 coal trains traveling round-trip through local communities, threatening the rich biodiversity of the Pacific Northwest.
"There are many reasons why a company concerned with its reputation would choose to avoid the egregious Gateway Pacific Terminal," Starbuck said. "This coal export terminal threatens human rights, a thriving Tribal fishery and biodiversity in a sensitive marine environment.”
Visit EcoWatch’s COAL page for more related news on this topic.
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'How Dare You Put Our Lives at Risk': Pennsylvania Democrat Brian Sims Rips GOP Members for 'Coverup' of Positive COVID-19 Tests
Brian Sims, a Democratic representative in the Pennsylvania legislature, ranted in a Facebook Live video that went viral about the hypocrisy of Republican lawmakers who are pushing to reopen the state even though one of their members had a positive COVID-19 test.
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World Health Organization officials today announced the launch of the WHO Foundation, a legally separate body that will help expand the agency's donor base and allow it to take donations from the general public.
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Henry J. Kaiser Family Foundation
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The coronavirus has resulted in stress, anxiety and fear – symptoms that might motivate a person to see a therapist. Because of social distancing, however, in-person sessions are less possible. For many, this has raised the prospect of online therapy. For clients in need of warmth and reassurance, could this work? Studies and my experience suggests it does.
Telehealth Versus Traditional Therapy<p><a href="https://www.cigna.com/hcpemails/telehealth/telehealth-flyer.pdf" target="_blank">Private insurance companies</a> like Cigna and Aetna, have come around; they now provide coverage for what they see as a "legitimate" service. And <a href="https://www.prnewswire.com/news-releases/american-wells-2019-consumer-survey-finds-majority-of-consumers-open-to-telehealth-adoption-continues-to-grow-300906438.html" target="_blank">surveys show</a> consumers are receptive to telehealth counseling: no driving to an appointment, no searching for a parking space, no worries about childcare while they're away, no need to switch providers if they move, and no problem if the specialist happens to be far away.</p><p>Online therapy opens doors for clients who wouldn't otherwise seek help, <a href="https://www.worldcat.org/title/empirical-examination-of-the-influence-of-personality-gender-role-conflict-and-self-stigma-on-attitudes-and-intentions-to-seek-online-counseling-in-college-students/oclc/941976505" target="_blank">particularly patients</a> who feel stigmatized by therapy or intimidated by a stranger sitting across the room from them. Often, <a href="https://doi.org/10.1089/1094931041291295" target="_blank">people open up</a> more easily in telehealth sessions. Firsthand accounts have detailed <a href="https://www.romper.com/p/i-tried-online-therapy-for-a-month-this-is-what-happened-13630" target="_blank">positive experiences from consumers</a>.</p>
Overcoming Prejudices About Online Counseling<p>Now COVID-19 is forcing most traditional psychotherapists to adapt their practice to <a href="https://www.psychologytoday.com/intl/blog/expressive-trauma-integration/202003/covid-19-etherapy-in-times-isolation" target="_blank">online counseling</a>. After experiencing the medium, they are <a href="https://www.wecounsel.com/blog/why-every-therapist-in-private-practice-needs-a-telehealth-option/" target="_blank">overcoming their prejudices</a>. Many will convert some or all of their caseloads to telehealth after the pandemic ends. Most of our clients seem to be good with it: responding to a satisfaction survey, 85% of USF students strongly or somewhat agreed their telehealth experience was comparable to an in-person visit.</p><p>All this allows a continuity of care for clients that before was impossible; there is, however, a caveat. Because of the coronavirus, some of my clients at USF who live out-of-state have moved back home. That means, legally, I can no longer serve them. Even though they are still USF students, my license is valid only in Florida.</p><p>For telehealth to work effectively, our national system of licensing and regulation law needs to adapt. Although the federal government temporarily halted HIPAA regulations to promote telehealth during this time, not all states are allowing out-of-state practice. The coronavirus may not be here forever, but spring break and Christmas holidays always will. We need seamless telehealth across state lines.</p>
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Kevin Frayer / Stringer / Getty Images
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