GE to No Longer Build Coal Plants
General Electric (GE) announced on September 21 it would stop building new coal-fired power plants and focus more on cleaner sources of power instead, saying the decision was motivated by economics.
"With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory," GE's senior vice president Russell Stokes said in a statement. "As we pursue this exit from the new-build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise."
GE said it would continue servicing existing coal-burning plants, but warned that its decision to exit the new-build market could result in divestments, site closings and job losses.
Shareholder activist group As You Sow welcomed GE's move.
"GE has a significant role to play in facilitating a rapid transition to zero-emission energy technologies," As You Sow said in a statement. "We look forward to seeing the company increase its climate ambitions by setting targets that ensure vital climate goals are met by midcentury."