CEO Russell Stokes pulled no punches explaining the cuts: The decision aims to right-size the business amid a decline in fossil fuel usage — particularly coal and natural gas. The announcement came a mere two years after GE’s decision to double its fleet of large coal turbines — a clear misjudgment.
This would be good news if it not for one detail: jobs. GE’s decision alone will cost 12,000 jobs worldwide.
If companies continue to resist transitioning from fossil fuels to renewables, these massive jobs losses will be just the beginning.
Fortunately, the renewable industry is booming. The Department of Energy recently reported that almost twice as many people were employed in solar energy last year than coal, gas, and oil electricity combined.