Betting Wrong: GE Takes Big Loss as Fossils Lose to Renewables

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GE cutting 12,000 jobs.

Climate Denial Crock of the Week

Snooze you lose.

Renewables are the future. GE the latest to miss the trend.

Don’t be too hard on them – they’re not alone.  We are seeing a “disruption of unprecedented scope and speed,”

Reuters:

ZURICH/LAS VEGAS (Reuters) – General Electric Co (GE.N) said Thursday it is axing 12,000 jobs at its global power business, the struggling industrial conglomerate’s latest effort to shrink itself into a more focused company.

The U.S. company launched the cuts to save $1 billion in 2018 at its Power business, saying it expects dwindling demand for fossil fuel power plants to continue. GE’s cuts follow a decision by rival Siemens AG to slash 6,900 jobs in the face of a global shift by electric utilities away from fossil fuels to renewable sources of energy such as wind and solar.

GE did not give a breakdown of the job cuts, which represent about…

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2 thoughts on “Betting Wrong: GE Takes Big Loss as Fossils Lose to Renewables

  1. Well, it looks like its time for countries all around the world to consider a ‘universal basic income’ because I listened to the video and the panel was stating that these particular job cuts would be overseas. And we all know that other companies are cutting jobs for one reason or another and those will affect US.

    Also, it is great to know that fossil fuel power plants are dwindling and making way for renewables. Unfortunately, Americans are going to have to be dragged from their fossil fuel powered vehicles especially seeing as how so many cities in America are not so easy to get around in unless you have a vehicle.

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  2. You make some important points, Shelby. I’m so glad to hear you mention universal basic income, something I really strongly. As far as I’m concerned, this is urgently needed now. There are far too many people, in both developed and developing countries, who are either unemployed or paid too little to support themselves.

    The fossil fuel powered vehicles are also a big issue – and the strong need for better public transportation. Obama really waste his first two years in office when he had a Democratic majority. When he bailed out General Motors and the US essentially owned the company, he could have initiated a conversion of their manufacturing plant to the production of buses. A lot of environmentalists lobbied for him to do this, but he just ignored them. Thanks for commenting.

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