'The Biggest Coal Giant Has Fallen': Peabody Files for Bankruptcy [View all]

[Ferd Berfel]

Good for America, the Future and the Planet - bad for the employees



http://www.commondreams.org/news/2016/04/13/biggest-coal-giant-has-fallen-peabody-files-bankruptcy

Activists say bankruptcy highlights need to transition away from fossil fuels

Coal giant Peabody Energy Corporation filed for Chapter 11 bankruptcy on Wednesday, signaling what climate advocates hope is a death knell for dirty energy.

"Peabody Energy's bankruptcy is a harbinger of the end of the fossil fuel era," said Jenny Marienau, divestment campaign manager with the climate advocacy group 350.org.

With coal in decline since 2013, the company's financial collapse shows the need to transition into a clean energy future, the group said.

"Peabody is crashing because the company was unwilling to change with the times—they doubled down on the dirtiest of all fossil fuels, and investors backed their bet, as the world shifted away from fossil fuels," Marienau said.