Coal, the dirtiest fossil fuel encompasses 40% of the world’s carbon emissions. Many international banks and governments have expressed their unwillingness to finance future coal excavating projects. The price of renewable energy has gone down recently and coal also has to compete with other, cheaper natural gasses. Over the past 5 years, US coal companies have collectively lost over 75% of their value. In recent years across the globe, 2/3s of all coal power plant projects have been canceled.
The overall decline in recent years of coal marks significant progress for environmental activists. If coal continues to drop to such low values, it can be eliminated or at least greatly reduced which is positive for the environment. Companies are turning to greener, renewable energy sources that because of how bad it is for the environment. If nations and banks decide to stop funding projects for coal, the decline could be expedited.
Why You Should Short Coal. (2015, July 6). Retrieved August 17, 2015.
I wonder how long it will be until the United States becomes almost/fully functional without coal. It is also good to hear that the US coal companies have lost more than 75% of their value, even though if I drive along the California coast I see a ton of oil rigs and facilities on land or off in the ocean.