A worldwide rebound in coal trading is disrupting efforts to mitigate global warming and prevent climate change.
Energy analysts expect coal consumption in Southeast Asia and India to grow, as demand for the cheapest fuel is driving rapid economic expansion and offering big profits to investors in the electricity sector.
Environmentalists across the world are watching this rebound in the coal industry with great concern because it runs counter to international efforts to reduce reliance on fossil fuels by 2050 in order to stem the rise in global temperatures.
“Coal is the most carbon-intensive fossil fuel and phasing it out is a key step in achieving the emissions reductions needed to limit global warming to 1.5 degrees Celsius,” said Paola Yanguas Parra, policy analyst at Climate Analytics.
Parra insisted that, in order to achieve the carbon-emission reduction milestone of the Paris Agreement, Climate Analytics research suggested that every country must stop burning coal by mid-century, so efforts to get rid of coal must start now.
The Global Coal Exit List, which was released at the UN Climate Summit in Bonn, Germany, last year, revealed that more than 770 companies were still actively engaged in coal-related business, that 225 firms were planning to expand coal mining and that 282 were planning new coal-fired power stations.