The world is only getting more dependent on coal despite the climate crisis, and mine investors are cashing in.
The globe is in the grips of a climate crisis as temperatures soar and rivers run dry, and yet it’s never been a better time toThe energy-market shockwaves from Russia’s invasion of Ukraine mean the world is only getting more dependent on the most-polluting fuel. And as demand expands and prices surge to all-time highs, that means blockbuster profits for the biggest coal producers.Commodities giant Glencore reported core earnings from its coal unit surged almost 900 per cent to $US8.
The wild profits threaten to become a political lightning rod as a handful of coal companies cash in while consumers pay the price. Electricity costs in Europe are at record highs and people in developing nations are suffering daily blackouts because their utilities can’t afford to import fuel. Earlier this month, United Nations Secretary-General Antonio Guterres lashed out at energy companies, saying their profits were immoral and calling for windfall taxes.
Coal India is also likely to pour a large chunk of its earnings back into developing new mines, under government pressure to do more to keep pace with demand from power plants and heavy industry.China and India worked together at a UN conference in Glasgow last year to water down the language in a global climate statement to call for a “phase down” of coal use instead of a “phase out”.
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