The White House promised on Wednesday that it would be able to uphold U.S. commitments to an international climate change agreement, as a court ruling heightened concerns about the stability of the global carbon reduction pact reached last year.
Shares of coal companies reflected the uncertainty the day after the U.S. Supreme Court ruling. After jumping nearly 7 percent early in the session, the Thomson Reuters U.S. coal index was down 3 percent in afternoon trading.
The court dealt a serious blow to the Obama administration’s climate change agenda on Tuesday when it took the unusual step to delay implementation of the Clean Power Plan until legal challenges to the regulation are completed.
A centerpiece of the Obama administration’s climate change policy, the Clean Power Plan was designed to lower carbon emissions from U.S. power plants by 2030 to 32 percent below 2005 levels.