March 24, 2021 Read More →

Formosa plastics plant faces same challenges as Appalachian projects

Inside Climate News:

A massive new plastics plant planned for Louisiana’s St. James Parish in that state’s chemical corridor faces the same challenging economic headwinds that have stalled the construction of petrochemical plants in Appalachia, according to a new analysis by the Institute for Energy Economics and Financial Analysis.

The 46-page report lists a series of economic risks and concludes that the Formosa plant project along the Mississippi River should be abandoned. At the same time, Formosa faces a new dynamic in Washington, with the Biden administration pledging an all-of-government focus on environmental justice and the president himself provocatively referring to the area along the Mississippi between Baton Rouge and New Orleans as “Cancer Alley.”

“If you had just one risk factor, that would be manageable,” said Tom Sanzillo, director of financial analysis for IEEFA, a nonprofit think tank that supports a clean energy transition. “But this involves multiple risk factors.” 

[James Bruggers]

More: Does Another Plastics Plant in Louisiana’s ‘Cancer Alley’ Make Sense? A New Report Says No

Posted in: IEEFA In the News

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