Billionaire Pledges USD$500 Million To Help End U.S. Coal Power

| June 11, 2019

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Entrepreneur, philanthropist and three-term Mayor of New York City Michael Bloomberg is coughing up a big chunk of change to fund an effort to end coal power in the USA. Coal power in the United States is in its demise, but still accounted for 27.4% of electricity production in 2018. Last year, the amount of operating coal power capacity in the U.S.was 261GW, quite a drop from 2011 when it reached a whisker of 340GW. Domestic coal consumption fell to 687 million short tons in 2018, the lowest level since 1978. 50 coal power station closures along with 51 announcements of closures have occurredsince U.S. President Donald Trump was sworn into office in January 2017. President Trump may have declared last year that the war had ended on “beautiful, clean coal”, but when it comes to domestic electricity generation it appears to be bobsledding all the way the graveyard. Mr. Bloomberg wants to help get it there faster; announcing last Friday that he, with Bloomberg Philanthropies, is committing USD$500 million (around AUD$717.5 million) to launch the Beyond Carbon climate initiative. “We will push states and utilities to phase out every last U.S. coal-fired power plant by 2030 — just 11 years from now

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Suncor Energy

In 1967, we pioneered commercial development of Canada's oil sands one of the largest petroleum resource basins in the world. Since then, Suncor has grown to become a globally competitive integrated energy company with a balanced portfolio of high-quality assets, a strong balance sheet and significant growth prospects. Suncor’s operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Our renewable energy portfolio includes investments in four operating wind farms and the operation of an ethanol plant.

OTHER ARTICLES

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Spotlight

Suncor Energy

In 1967, we pioneered commercial development of Canada's oil sands one of the largest petroleum resource basins in the world. Since then, Suncor has grown to become a globally competitive integrated energy company with a balanced portfolio of high-quality assets, a strong balance sheet and significant growth prospects. Suncor’s operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Our renewable energy portfolio includes investments in four operating wind farms and the operation of an ethanol plant.

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