MIKE BLOOMBERG, citing his philanthropy’s work with the Sierra Club: “Already we’ve closed 304 out of the 530 coal fire plants in the United States, and we’ve closed 80 out of the 200 or 300 that are in Europe.”
THE FACTS: He’s wrongly taking credit for driving the U.S. coal industry to its knees.
The U.S. coal industry’s plunge is largely due to market forces, above all drops in prices of natural gas and renewable energy that have made costlier coal-fired power plants much less competitive for electric utilities. Bloomberg has indeed contributed huge sums to efforts to close coal plants and fight climate change, but against the backdrop of an industry besieged on other fronts.
U.S. coal production peaked in 2008, but since then has fallen steadily. That’s due largely to a boom in oil and gas production from U.S. shale, begun under the Obama administration, that made natural gas far more abundant and cheaper, and falling prices for wind and solar energy, partly because of improving technology in the renewable sector.
The U.S. Energy Information Administration reaffirmed in a report in December the extent to which the market has turned away from coal.