President Barack Obama announced new limits on just how much carbon dioxide power plants can release into the air, sending shares of coal stocks lower. ‘Human activities are changing the climate in dangerous ways,’ Obama said Monday. ‘Levels of carbon dioxide, which heats up our atmosphere, are higher than they’ve been in 800,000 years. 2014 was the planet’s warmest year on record.’ The plan aims to cut 2005 carbon levels by 32 percent over the next fifteen years. ‘We’ll be keeping 870 million tons of carbon dioxide pollution out of our atmosphere,’ Obama added. But not everyone is fond of the new proposals. The plan could raise costs for coal companies and shut down hundreds of coal-powered plants, which tend to emit more carbon than other fossil fuels like natural gas. Stocks like Peabody Energy (BTU) and Arch Coal (ACI) entered negative territory on Monday. TheStreet’s Scott Gamm reports from New York.
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