If you’ve scanned the
headlines for Peabody Energy, in the last few months, the story is that one of
the largest companies comprising King Coal is now going through bankruptcy. But
there is a curious development that I came close to overlooking, as it seems
that the U.S. press is concentrating more on Paul Ryan and Donald Trump than it
is on some of the legal and civil actions around climate change.
In something of a Scopes Monkey
Trial for the 21st century, in which truth and science are put on
trial against big money and anti-science, science and truth have won. The case was to
determine if the state of Minnesota could continue to use its “social cost of
carbon,” which is set quite low, or adopt the higher federal cost estimates.
Peabody Energy was involved in the
case because the social cost of carbon, an estimate of the costs to society
because of the damage of carbon pollution, affects their bottom line.
Peabody Energy relied on the tactics
that are useful to sway portions of public opinion. But as this case showed,
their reliance on obfuscation, setting unrealistic requirements of proof, and
cherry picking data, falls apart under facile scrutiny.
Peabody has just been in some hot water with the Securities and Exchange Commission for not fully disclosing to their
shareholders the risks that climate change poses to their business.
We know that Peabody faces financial bankruptcy. With the coal giant are we seeing intellectual and moral bankruptcy as well?
We know that Peabody faces financial bankruptcy. With the coal giant are we seeing intellectual and moral bankruptcy as well?
