Friday, June 26, 2020
Investigation: several financial tools meant to ensure cleanup of abandoned coal mines near insolvency
As more and more coal companies go bankrupt, the question of abandoned mine cleanup becomes more important. A 1977 federal law required mining companies to set aside money to pay for reclaiming mines, but that system is in jeopardy.
An investigation by climate scientist website DeSmog "found that several key financial instruments meant to guarantee environmental cleanup have been pushed to the brink of insolvency, potentially leaving taxpayers on the hook for hundreds of millions — if not billions — of dollars in reclamation costs," Mark Olalde reports.