The Democratic and Republican conventions might be “green,” but it’s nothing the coal industry and exchange traded funds (ETFs) are afraid of.
Instead, they have brought the coal supporters out in full force in an effort to lesson their carbon footprint and rally back.
The American Coalition For Clean Coal Electricity (ACCCE) is a group of mining and electric utilities that is spending $1.7 million on advertising and lobbying at the Democratic convention in Denver and the Republican convention in St. Paul, Minn.
Jim Snyder for The Hill reports that their mission is getting federal subsidies for “clean coal.” Cutting coal use would hurt the industry, so they’re looking for ways to burn it more cleanly instead.
As of now, coal accounts for 50% of U.S. electrical production (37% globally), so taking the coal factor out of the mix is not a smart idea, and even energy experts know that it is not a serious option with the given economic ramifications. Coal is even found in seven of the electoral states, which means political power on Capitol Hill.