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Opinion
Michael R. Bloomberg

Obama Didn't Kill Coal, the Market Did

Dirty fuels are dying so that people can live.

Critics of the Environmental Protection Agency’s new Clean Power Plan are describing it in apocalyptic terms. But much of what they believe about the plan -- that it will destroy the coal industry, kill jobs and raise costs for consumers -- is wrong. And it’s important to understand why.

The overblown political rhetoric about the plan tends to obscure the market reality that the coal industry has been in steady decline for a decade, partly as a result of the natural gas boom, but mostly because consumers are demanding cleaner air and action on climate change. Communities across the U.S. have led the way in persuading utilities to close dirty old coal plants and transition to cleaner forms of energy. The Sierra Club’s grass-roots Beyond Coal campaign (which Bloomberg Philanthropies funds) has helped close or phase out more than 200 coal plants over the past five years.