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Bloomberg to spend $85 million against U.S. plastic, petrochem buildout

By Valerie Volcovici WASHINGTON (Reuters) - Former New York City Mayor Michael Bloomberg launched an $85 million campaign to block the planned construction of plastic and...
Bloomberg to spend $85 million against U.S. plastic, petrochem buildout © Reuters. FILE PHOTO: Michael Bloomberg participates during a live televised town hall in Manassas, Virginia, U.S. March 2, 2020. REUTERS/Kevin Lamarque/File Photo
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By Valerie Volcovici

WASHINGTON (Reuters) - Former New York City Mayor Michael Bloomberg launched an $85 million campaign to block the planned construction of plastic and petrochemical plants across the U.S. on Wednesday, modeled on his decade-long effort to shutter coal plants.

Bloomberg, the billionaire businessman who currently serves as a United Nations Special Envoy on climate ambition, announced his philanthropic organization's Beyond Petrochemicals campaign will "turbocharge" efforts by local communities in places like Louisiana's Cancer Alley, Texas and Appalachia to block the permitting and construction of heavy emitting plants.

The campaign takes aim at the rapid expansion of U.S. petrochemical and plastic pollution. The International Energy Agency said the plastics and petrochemical industry will exceed coal-fired carbon emissions by 2030 and account for half of the growth in oil demand by 2050.

"This campaign will help ensure more local victories, support laws that protect communities from harm, and reduce the greenhouse gas emissions that are fueling the climate crisis," Bloomberg said in a statement.

The expansion planned by the industry could account for 15% of U.S. greenhouse gas emissions, which could make the U.S. miss its goal under the Paris climate agreement of halving its emissions by 2030, Bloomberg Philanthropies said.

At least 90 petrochemical and plastics projects have been proposed over the last decade, including 42 major construction projects that will release greenhouse gas emissions and other hazardous air pollutants, according to the Environmental Integrity Project, which tracks the planned buildouts.

Frontline (NYSE:FRO) minority and lower-income communities that live where some of these projects have been proposed have led high-profile fights to block key air permits and force enforcement of environmental safeguards at existing facilities.

Just this month, activists in St. James Parish in Louisiana claimed victory when a judge revoked key air permits issued by state regulators for a plastics project planned by Taiwan's Formosa Plastics and when the state canceled plans to build a methanol plant after nearly a decade.

"Investments like these give the communities that have been disproportionately impacted by this type of environmental racism a fighting chance," said Beverly Wright, executive director of the Deep South Center for Environmental Justice.

Bloomberg has spent over $500 million to support the Sierra Club's Beyond Coal campaign, which originally aimed to retire 30% of the US coal fleet by 2020 but ended up accelerate the retirement of over 60% of coal plants by that year. It has expanded to target gas infrastructure.

After a failed presidential bid in 2020, Bloomberg has continued to bankroll climate campaigns and work on climate diplomacy in his UN role.

The campaign focused on public advocacy and legal action to reach settlements with utilities to hasten the closure of their aging coal plants and replacing them with renewable energy.

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05-10-2022 21:23:19 (UTC+7)

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    EUR/USD 0.9842 ↑ Sell  
    GBP/USD 1.1251 ↑ Sell  
    USD/JPY 144.79 ↑ Buy  
    AUD/USD 0.6422 ↑ Sell  
    USD/CAD 1.3688 ↑ Buy  
    EUR/JPY 142.51 ↑ Sell  
    EUR/CHF 0.9728 ↑ Sell  
    Gold 1,712.45 ↑ Sell  
    Silver 20.082 Neutral  
    Copper 3.4565 ↑ Sell  
    Crude Oil WTI 86.31 Neutral  
    Brent Oil 91.86 Neutral  
    Natural Gas 6.925 Neutral  
    US Coffee C 223.80 Neutral  
    Euro Stoxx 50 3,433.95 ↑ Sell  
    S&P 500 3,732.77 ↑ Sell  
    DAX 12,476.82 ↑ Sell  
    FTSE 100 7,024.20 Buy  
    Hang Seng 18,087.97 ↑ Buy  
    Small Cap 2000 1,736.85 ↑ Sell  
    IBEX 35 7,551.92 ↑ Buy  
    BASF 41.905 ↑ Sell  
    Bayer 48.80 Sell  
    Allianz 165.54 ↑ Buy  
    Adidas 122.18 ↑ Sell  
    Lufthansa 5.941 Neutral  
    Siemens AG 103.65 ↑ Sell  
    Deutsche Bank AG 7.973 ↑ Sell  
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# So hôm qua # Chênh TG
SJC Eximbank6,550/ 6,630
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Cập nhật lúc 17:26:43 05/10/2022
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