January 16, 2019 by chandan.kumar
(Source: BuzzFeed News) California’s devastating two years of massive wildfire seasons was a wakeup call to some residents that climate change was already impacting their lives. Yet the financial fallout from the fires could make it more difficult for the state to curb greenhouse gas emissions.
Pacific Gas & Electric, the state’s largest utility, which provides service to 16 million customers, says it plans to file for bankruptcy due to its financial exposure from the fires. Under California law, utilities are responsible for wildfires caused by their equipment, even if they are not found to be negligent. The company on Monday said Chapter 11 bankruptcy was its “only viable option” in response to an estimated $30 billion or more in liabilities stemming from damaging wildfires, which have been made more likely by climate change. Read full article….
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