March 27, 2021 Read More →

Controversial Formosa project “financially unviable,” per IEEFA report

Truthout:

Energy industry analysts have declared that the massive petrochemical complex proposed by Formosa Plastics in Louisiana’s St. James Parish is “financially unviable” due to market conditions, legal and regulatory uncertainty, and a groundswell of political opposition and accusations of environmental racism that are gaining international attention. Activists are eyeing a rare victory for environmental justice in the industrial corridor along the Mississippi River known as “Cancer Alley” for its concentration of polluters. However, the fight is not over yet.

The Institute for Energy Economics and Financial Analysis (IEEFA), a cleaner energy think tank funded by mainstream foundations, urged Formosa in a report this week to abandon its proposal to build a multibillion-dollar petrochemical complex in Cancer Alley. The complex would manufacture chemicals to make plastic products such as throwaway bottles and AstroTurf on the outskirts of Welcome, Louisiana, a small and majority-Black community where local activists have received international recognition for their campaign against the project.

Residents near the proposed site already live with more toxic air pollution than 99 percent of the United States, and if Formosa builds the sprawling petrochemical complex, cancer-causing emissions could double in St. James Parish and triple near Welcome. 

[Mike Ludwig]

More: In Louisiana, Activists May Be Winning a Battle Against Environmental Racism

Posted in: IEEFA In the News

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