NEW ORLEANS (AP) — A $1.3 billion chemical production facility to be built in Louisiana by Japanese conglomerate Mitsubishi is economically questionable
NEW ORLEANS — A $1.3 billion chemical production facility to be built in Louisiana by Japanese conglomerate Mitsubishi is economically questionable and unnecessarily increases greenhouse gas emissions, according to an energy think tank report released Monday.
The facility would also be among the state’s top 50 greenhouse gas emitters, according to data from the Environmental Protection Agency. And it is being constructed in Ascension Parish, along a stretch of the Mississippi River between Baton Rouge and New Orleans known as “ cancer alley ” for its heavy industrial pollution.
The market conditions and economic viability of the facility have also worsened, IEEFA reports. Compared to when Mitsubishi began planning this facility in 2014, construction costs have increased, prices for the chemical component have flatlined and growth forecasts have reduced. Both Europe and the Middle East also face market uncertainties given the ongoing wars in Ukraine and Gaza, according to the report.
“The company is now using the government as a speculative tool,” he said. “And you’re not supposed to do that with subsidies, you’re supposed to go forward with them.” The Louisiana Department of Environmental Quality and Ascension Parish authorities could not be reached for comment.
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