U.S. coal companies are looking to diversify. Just a few years ago the industry enjoyed a boom in coal-fired power plant development, but growing concern for global warming and rising construction costs gave natural gas and renewable-energy plants an edge.
The years-long effort to develop a coal mine in the Otter Creek Valley has come to naught. Queensland billionaire Clive Palmer has also backtracked on his $60 b coal contract with a Chinese group. What seems to be happening here?
Obama stated: "So if somebody wants to build a coal-powered plant, they can; it's just that it will bankrupt them because they're going to be charged a huge sum for all that greenhouse gas that's being emitted."
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