Teck’s coal spinoff is greenwashing and a blow to the ESG movement
If the ESG movement had one target, it was coal, the grubbiest of the fossil fuels. Mining companies in the Western world eventually succumbed to ESG pressure when they realized that sending their coal operations packing would not only clean up their acts but create value, as investors would reward them for having done good for the planet.
This phenomenon, in turn, inevitably triggered creative financial engineering designed to both get rid of coal and, in effect, keep it at the same time. No company refined this sleight of hand better than Teck Resources The effort failed. As far as investors were concerned, coal was coal and burning it was part of the problem, not the solution. Faced with this reality, Teck loaded up with financial advisers, including Goldman Sachs, which knows a thing or two about gaming the financial system, and opted for a deal that looked like a spinoff – and was in the legal sense – but did not act like a spinoff., that will hold its metallurgical coal operations.
If Teck gets away with this blatant example of greenwashing while leaving the spun-off company starved of cash – the deal goes to a shareholder vote in April – other resource companies are bound to follow. Already the spinoff trend is turning into a net negative for the planet because the ejected coal assets generally do not get wound down – just the opposite, in fact.
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