January, 09 2014, 07:16am EDT
For Immediate Release
Contact:
Joe Smyth, Greenpeace Communications, 831-566-5647, joe.smyth@greenpeace.org
Goldman Sachs Withdrawal Signals Dim Outlook for US Coal Export Proposals
WASHINGTON
The proposal to build the largest coal export terminal in North America lost its investment from Goldman Sachs, as the Wall Street giant's Infrastructure Partners subsidiary sold its investment in Carrix, the company behind the Gateway Pacific terminal proposal near Bellingham, Washington. Goldman Sachs had been urged to quit this coal export proposal by the Rainforest Action Network and thousands of citizens, and its departure is the latest signal of diminishing confidence in the US coal industry's efforts to expand exports to Asian markets.
"The combination of unprecedented public opposition and a shrinking seaborne coal market is proving too risky for financial players like Goldman Sachs. The US coal industry is struggling, and the smart money is getting out of coal exports," said Greenpeace climate and energy campaigner Kelly Mitchell.
Three of the six originally proposed coal export terminals in Washington and Oregon have been cancelled or tabled amid falling global coal prices and uncertain Chinese demand, as well as determined opposition throughout the region. The International Energy Agency's annual outlook for the global coal industry, released last month, highlighted this dim outlook for US coal export proposals:
"Uncertainties surrounding future demand in China and actions by environmental and anti-coal groups will also hamper the growth of US coal exports, despite the existence of promising low-cost production areas, including the Illinois and Powder River basins."
Goldman Sachs' own analysts published a report in July 2013, "The window for thermal coal investment is closing," which stated, "We believe that thermal coal's current position atop the fuel mix for global power generation will be gradually eroded by the following structural trends: 1) environmental regulations that discourage coal-fired generation, 2) strong competition from gas and renewable energy and 3) improvements in energy efficiency." Similar reports about the declining outlook for the global seaborne coal market have been published by Citi, Deutsche Bank, and more.
The two proposed coal export terminals along the Columbia River have also faced financial and political setbacks in recent months. Investors in Ambre Energy, the lead backer of the proposed Millennium Bulk and Morrow Pacific Terminals, recently approved a deal that would allow the private equity firm Resource Capital Funds (RCF) to take majority interest in the company. An independent auditor described the deal as "not fair" but reasonable, given the risk of insolvency if Ambre refused the deal and RCF demanded repayment of its $110 million loan. In its much-delayed 2012 annual report, Ambre Energy revealed losses of $30 million since its previous financial statement, prompting an auditors warning that "there exists a material uncertainty whether Ambre Energy Limited would be able to continue as a going concern."
Greenpeace is a global, independent campaigning organization that uses peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future.
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U.S. President Joe Biden on Thursday announced that he is commuting the sentences of nearly 1,500 Americans and pardoning 39 people convicted of nonviolent crimes, a move the White House described as "the largest single-day grant of clemency in modern history."
But the president's sweeping use of his clemency power as his term nears its conclusion did not appear to extend to any of the 40 men currently on death row—some of whom have been there for decades.
According to a White House fact sheet, those who received commutations "have been serving their sentences at home for at least one year under the Covid-era CARES Act," a law that extended the amount of time in which people could be placed in home confinement to reduce the spread of the virus in prisons.
The White House did not name those who received pardons or commutations but said the list includes a "decorated military veteran," a "nurse who has led emergency response for several natural disasters," and "an addiction counselor who volunteers his time to help young people find their purpose."
The Biden Justice Department paused federal executions in 2021, but President-elect Donald Trump pledged on the campaign trail to expand the use of the death penalty and is expected to allow the executions of the 40 men on death row to take place if they're still there when he takes office next month.
In a statement on Thursday, Biden said that he has "the great privilege of extending mercy to people who have demonstrated remorse and rehabilitation, restoring opportunity for Americans to participate in daily life and contribute to their communities, and taking steps to remove sentencing disparities for non-violent offenders, especially those convicted of drug offenses."
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Biden, who campaigned on ending the death penalty at the federal level, vowed to "take more steps in the weeks ahead" as his administration reviews clemency petitions, leaving open the possibility of commutations for death row prisoners.
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Reps. Mark Pocan (D-Wis.) and Barbara Lee (D-Calif.), co-chairs and co-founders of the Defense Spending Reduction Caucus, said in a joint statement, "Time and time again, Congress seems to be able to find the funds necessary to line the pockets of defense contractors while neglecting the problems everyday Americans face here at home."
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