Quantcast

World's Largest Coal Company Files for Bankruptcy

Energy

Peabody Energy, the world’s largest privately owned coal company, filed for bankruptcy today, becoming the latest in a series of coal giants to do so. The bankruptcy filing is one of the largest on record in the commodities market.

Shares of the energy company fell 75 percent this year, driven by the low demand for and price of coal, which has also fallen 75 percent since 2011. Peabody also cited the increasing use of natural gas and “ongoing regulatory challenges” as reasons for its filing.

Mary Anne Hitt, director of the Sierra Club’s Beyond Coal campaign, said Peabody’s filing should serve as a “wake-up call” for the rest of the industry. Producers accounting for about 45 percent of U.S. coal production have filed for bankruptcy since coal’s steep decline began.

For a deeper dive: Reuters, CNN, Bloomberg, Financial Times, Wall Street Journal, Washington PostSydney Morning Herald, BBC, Grist, IB Times, BusinessGreen, Climate Home, USA Today

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

YOU MIGHT ALSO LIKE

Peabody Energy Should Be in Criminal Court, Not Bankruptcy

400 Arrested on Capitol Steps Protesting Big Money in Politics

Bernie Sanders Calls for Nationwide Ban on Fracking

NASA: Melting Ice Sheets Is Changing How the Earth Rotates

EcoWatch Daily Newsletter

Residents wear masks for protection as smoke billows from stacks in a neighborhood next to a coal fired power plant on Nov. 26, 2015 in Shanxi, China. Kevin Frayer / Getty Images

While most of the world is reducing its dependence on coal-fired power because of the enormous amount of greenhouse gases associated with it, China raised its coal fired capacity over 2018 and half of 2019, according to a new study.

Read More Show Less
Children run on the Pacific Crest National Scenic Trail in California. Bureau of Land Management

By Matt Berger

It's not just kids in the United States.

Children worldwide aren't getting enough physical activity.

That's the main conclusion of a new World Health Organization (WHO) study released Wednesday.

Read More Show Less
Sponsored

By Tim Ruben Weimer

Tanja Diederen lives near Maastricht in the Netherlands. She has been suffering from Hidradenitis suppurativa for 30 years. Its a chronic skin disease in which the hair roots are inflamed under pain — often around the armpits and on the chest.

Read More Show Less
Biosolids are applied to fallow wheat fields to build healthy soils at Boulder Park, Washington. King County

By Sarah Wesseler

Talk of natural climate solutions typically conjures up images of lush forests or pristine wetlands. But in King County, Washington, one important natural solution comes from a less Instagram-worthy source: the toilets of Seattle.

Read More Show Less
A video shows a woman rescuing a koala from Australia's wildfires. VOA News / YouTube screenshot

More than 350 koalas may have died in the wildfires raging near the Australian town of Port Macquarie in New South Wales, but one got a chance at survival after a woman risked her life to carry him to safety.

Read More Show Less