Fossil fuel investments postponed, rejected

Investments in fossil fuels are facing considerable headwinds. Projects in the US in the value of USD 33 billion have been rejected or postponed under pressure from regulators since 2012.

Fossil fuels are driving climate change and wreaking havoc on the earth and sea. With their prices dropping to record lows, their reputation is so battered that investors are finally beginning to look for greener pastures.

As the Wall Street Journal reports, more than 12 projects worth a total of USD 33 billion have been cancelled by regulators or withdrawn by their initiators since 2012 in the US alone. Other projects – also worth billions of dollars – have now been postponed indefinitely.

In Washington State, the US Corps of Engineers rejected a USD 850 million coal-export terminal in May 2016 after siding with the Lummi Nation that the proposed terminal would have violated its fishing rights. The Lummi Nation has called the coastal region two-hours north of Seattle its home for thousands of years.

One month earlier in April, Kinder Morgan withdrew a USD 3 billion project to construct a pipeline to bring natural gas to Boston and other parts of the northeast. As the Wall Street Journal reports, local environmentalists torpedoed the project by pressuring local utilities from buying-in to the pipeline.

It was only last year that president Barack Obama rejected the Keystone XL pipeline, which would have connected the Canadian tar sands with the Gulf of Mexico. Now another pipeline, this time in the Canadian Pacific Northwest, is being blocked by First Nations communities.

It’s taking time but the North American addiction to black gold just might be coming to an end.

 

Image credit: Stephen Little, flickr/Creative Commons

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