coalbellingham

Goldman Sachs sells Its stake in what would be the largest coal terminal on the west coast

The Gateway Pacific Terminal, near Bellingham, Washington, is poised to become the West Coast’s biggest coal export project — but it will no longer have the backing of New York-based, international banking behemoth Goldman Sachs. On Tuesday, Goldman Sachs sold its stock back to the companies proposing to build the terminal, which would transport 48 million tons of coal from Wyoming to Asia annually. Goldman Sachs had a 49 percent stake in the Gateway Pacific project before dropping out. A wealthy Mexican businessman, Fernando Chico Pardo, stepped in to make a large financial investment and take over Goldman Sachs’ stock. The company proposing the project is SSA Marine, whose parent company is Carrix, Inc.

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On Sept 19, 2023 ahead of the Climate Ambition Summit in New York City, climate activists gathered for a rally and civil disobedience outside Bank of America Tower in Midtown Manhattan as part of the March to End Fossil Fuels wave of actions resulting in multiple arrests. Activists demand Bank of America to “Defund Climate Chaos and Defend Human Rights” Photo: Erik McGregor (CC BY-NC 2.0 Deed)

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Illustration by Stephanie McMillan. Used with permission