One week ago, Peabody Energy cried uncle.
The world’s largest privately-owned coal producer filed for Chapter 11 bankruptcy protection, following Arch Coal, Alpha Natural Resources, and Patriot Coal in begging the United States Bankruptcy Courts for mercy.
It would be easy for climate advocates to cheer the occasion as yet another signpost along the hard-fought road to a carbon-free future. But, unfortunately for many involved, Peabody’s bankruptcy could leave many vulnerable parties—from coal workers to Navajo tribes to students in St. Louis— suffering further.
Which is why activists from impacted communities gathered on Tuesday in St. Louis, home of Peabody’s headquarters, to demand that a “Just Transition Fund” is endowed as part of the bankruptcy proceedings before the “golden parachutes” are given out to reckless executives and the loans are repaid to the reckless banks that kept funding Peabody’s speculation.
How do you successfully phase out fossil fuel subsidies in less than 10 years? The first step would be identifying what a subsidy actually is.
And if you’re the British Government, you...