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In a dramatic reversal, one of the world’s largest coal-fired power plant manufacturers is about to exit the market and focus on greener options.
General Electric, the U.S. industrial giant, said it shut down or sell the sites because it prefers renewable energy and power generation businesses.
That U.S. The presidential election comes before which the candidates have totally different views on coal.
The NGO Natural Resources Defense Council said the move was “about time”.
GEA has said in the past that it will focus less on fossil fuels, reflecting the growing acceptance of cleaner energy sources in the U.S. power grid.
But just five years ago, it struck its biggest deal ever – paying about 10 10bn for a business that produces coal-fuel turbines.
‘Attractive Economics’
In a statement, P.A. suggested that the decision was driven by economics.
Russell Stokes, Senior Vice President of GE, said, “With the constant change in GE, we have focused on the power generation industries that have attractive economics and growth pathways.
“As we continue this exit from the newly built coal power market, we will continue to support our customers, helping them continue their existing plants with best-in-class technology and service expertise in a cost-effective and efficient manner.”
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US President Donald Trump has become the “beautiful, clean coal” champion at a time when other developed countries are moving away from polluting fossil fuels.
Conflicting U.S. In an effort to revive the industry, Mr. Trump has reversed Obama-era standards on coal emissions. But that has not stopped the decline as there are cheaper alternatives such as natural gas, solar and wind gain market share.
The GEA said it would continue to service existing coal power plants, but warned that jobs could be lost as a result of its decision.
The firm is already cutting about 13,000 jobs in GE Aviation, which is building jet engines due to the epidemic.
In a tweet, the Natural Resources Defense Council said: “Communities and organizers have been urging GE to get out of coal for years. This is an important and long-delayed step in the right direction to protect communities’ health and the environment.”
