World’s Largest Coal Port to Divest from Fossil Fuels

Written by Sami Grover

In similar news, The Guardian reports that in Australia, the Newcastle city council—which represents the biggest coal port in the world— has voted to join the fossil fuel divestment movement. Specifically, the city will exit holdings in Australia’s big four banks if they continue to fund fossil fuel projects.

So what’s going on here? Why would fossil fuel dependent communities not back the industries their economies rely on? The fact is that these places, more than most, are already feeling the economic pinch as oil and coal prices drop, and as lower carbon alternatives become increasingly competitive. As coal jobs dwindle and clean energy flourishes, it’s only natural that a growing number of communities will want to diversity their economies and start backing the winners.

coal ash spill photo
CC BY 2.0 Appalachian Voices 

It’s not going to happen overnight, of course, but it is interesting to see the tide shift. Regions that were once the bedrock of fossil-fueled obstructionism may join the party and help push the energy transition forward.

When even coal execs think you’re “smoking dope” if you think coal is coming back, everyone should rethink their investments pretty carefully. But those of us whose incomes still depend on coal should think harder than most about whether our savings should depend on it too.

This post originally appeared on TreeHugger

Photo credit: Thinkstock

66 comments

Siyus Copetallus
Siyus Copetallus1 years ago

Thank you for sharing.

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Grace Adams
Grace Adams2 years ago

Very glad to hear that City of New Castle in Australia is divesting from coal because they finally realize that coal is not a good investment.

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Janis K.
Janis K2 years ago

Thanks for sharing.

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Natasha Salgado
Past Member 2 years ago

A bit of good on the filthy front is so welcomed. thanks

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Lorraine Andersen

That is very good to hear. Lets hope they set a trend

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Paulinha Russell
Paulinha Russell2 years ago

Thank you

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Nimue Pendragon

No more "coals to Newcastle"?
Well stone the flamin' crows!
I will believe it when I see it!

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Janet B.
Janet B2 years ago

Thanks

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Helga Ganguly
Helga Ganguly2 years ago

I am 100% pro solar. I just don't believe Encyclopedia salesmen should be selling the systems. We will be buying the next one from a company that understands roofs.Our roof was a 50yr. tile roof.While selling the house,we had several appraisals,independent, and one young man was a former installer for SC who said he counted 44 broken tiles which is an unusually high number of damaged tiles for a simple install. To be polite,the installers were 2 individuals, 1 weighed 3 times what the other did so I suggested ,perhaps,Tinker Bell be the roof person,and Bluto stay on the ground. Obviously, they didn't listen. I was much more delicate,really. I said the tiles were fragile. No one listened. We live in a canyon.The winds are fierce with gale force and we have no neighbors on either side or behind for protection.It's just another canyon and a cattle ranch.We've had to call for new garbage cans because the wind sprang up over night and took it-somewhere. Fire control is serious here.

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Helga Ganguly
Helga Ganguly2 years ago

My house that We've sold has solar. When we can buy another one,we will get Solar again-BUT NOT the same company.THEY promised the world and did absolutely nothing so don't EVER GO WITH SOLAR CITY! I won't ! They promised free installation and free maintenance .When our roof leaked directly onto,into and over the bed in the master bedroom during the first rain this spring,they said it couldn't possibly be their fault. It was a Sunday.I had to put a big Rubbermaid tub on the edge of the bed to catch the water-the 3 ft long 2 ft high kind.They repaired the tiled roof and swore they would return to fix it cosmetically. It rained a few weeks later and though there was no additional dripping,we still had a disfiguered Master when the house went on sale in June followed by more promises,denials, and stalls. Thew were so incompetent,our upstairs AC didn't work and we had to pay$100 for a service call just for the repair man to tell us that whoever had been upstairs last had shut it off and never shut it back on. Thanks for wasting our money. I see how much you care Solar City. I've sold the house. The new owners-they aren't happy with your service. They have money to spare so-we've told them who we'll go with next time. I see your # 1 backer bought up extra stocks cheaply a few weeks ago. They deserved to be cheap.We signed thinking he stood behind his product. I hope you go out of business.

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