Reuters reports: U.S. coal company shares dipped alongside renewable energy stocks on Wednesday after reports that President Donald Trump plans to pull the United States from a global accord on fighting climate change.
The market reaction reflects concerns, raised by some coal companies in recent months, that a U.S. exit from the Paris Climate Agreement could unleash a global backlash against coal interests outside the United States.
Peabody Energy, the largest publicly traded U.S. coal company dropped 2.2 percent to $24.29 a share, while Arch Coal fell 0.4 percent to $70.77.
A spokesman for Peabody said the company would support a decision by Trump to withdraw from the Paris deal because the “accord is flawed on a number of levels.”
Peabody, however, was among a handful of big coal companies that had argued that Trump should stay in the deal to help protect coal industry interests overseas, including by ensuring funding for coal-fired power plants and so-called “clean coal” technology.
Cloud Peak Energy Inc had also urged the Trump administration to stay in the Paris deal to prevent other nations from an aggressive turn against the global coal industry. Its shares were down 0.6 percent to $3.39. [Continue reading…]