A day after its CEO stepped down, California’s largest utility said it will file for bankruptcy.  PG&E’s stock price has plummeted and it faces at least US$30 billion in potential liability costs from its role in the sparking of wildfires in the state in 2017 and 2018. (Wall Street Journal, CNBC)

Talking point: In 2017, at least 17 major wildfires were tied to PG&E. Data from Cal Fire, the state firefighting agency, show that those fires burned 193,743 acres in eight counties, destroyed 3,256 structures and killed 22 people. The company has been trying for years to reduce its contribution to wildfires, in the face of environmental changes that have worsened the yearly wildfire risk in the state. This voluntary restructuring will be the company’s last chance, as it faces a number of lawsuits in connection to the fires. The situation brings into question whether companies can adapt quickly enough to the rapidly-changing environmental conditions brought on by climate change.