Pacific Gas & Electric Corp filed for voluntary bankruptcy to protect itself of the liability claims posed by the victims of wildfires in California. The company has assets of about $71 billion dollars and a combined $50 billion in liabilities due to lawsuits according to the Washington Post. The New York Times argues that the wildfires are at the heart of the business filing for Chapter 11 bankruptcy protection.
We all know that climate change will generate more extreme weather ranging from heavier rains, storms and drought that will cause more damage due to wildfires and other catastrophic events. Different parts of the world will be affected in different ways. What we do know is that we will all be affected by climate change.
To us it looks like the first company that dealt with serious financial trouble due to climate change by filing for bankruptcy. Pacific Gas & Electric Corp is not a small mom-and-pop store that closed down. This is the biggest utility company in the country, that couldn’t handle the effects of climate change. This makes us wonder which utility company will be next and on a broader scale, which will be the next company filing for bankruptcy due to climate change. To those who think climate change is not real, having the largest utility company in our nation file for Chapter 11 is real. We can only imagine the consequences this will have for the people of California directly impacted by this bankruptcy and on the ripple effect this will cause through the U.S.
Ipsun Solar installs clean energy systems all year long. We think that solar panels are part of the answer to fight climate change and prevent more businesses going bankrupt due to the climate crisis. Check out what Ipsun does about Sustainability.
