General Electric Vows to Stop Building Coal-Fired Plants

(Credit: Pixabay)

by | Sep 22, 2020

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(Credit: Pixabay)

General Electric today announced an intent to exit the new build coal power market. In the past, the company was criticized for continuing to promote high-carbon projects globally.

Last year, As You Sow, a foundation aimed at promoting corporate social responsibility, filed a shareholder resolution focusing on GE’s pursuit of new fossil fuel projects across the globe at a time when nations are striving to meet Paris Climate Agreement goals. The resolution was withdrawn after the company agreed to evaluate product emissions and set new greenhouse gas emission targets. Prior, in 2018, As You Sow raised similar concerns in an investor letter to GE regarding its plans to construct a new coal plant in Kenya in spite of strong opposition.

Back in 2017, GE announced it would offload its energy-focused startup, Current, which concentrates on making commercial buildings more energy efficient by combining solar and lighting technologies with networked sensors and software.

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