$8-billion US Coal Program Revised

Bloomberg reported that the United States government is making changes to an $8-billion federal loan-guarantee program aimed at helping companies reduce their carbon emissions. The policy will likely reduce the country’s use of coal.

As quoted in the market news:

Republicans and coal-industry executives say the effort will cost jobs in states such as Kentucky and Ohio where coal is produced and provides relatively cheap power to manufacturers. U.S. Energy Secretary Ernest Moniz said yesterday the new effort on loan guarantees shows the administration isn’t anti-coal.

‘The issue here is to prepare for the future, a future in which coal is in fact part of the mix,’ Moniz said in a conference call with reporters.

Click here to read the full Bloomberg report.