IEA: Global coal demand subdued next 5 years, but not in South Asia
IEA has said that world coal consumption will grow at merely 0.5% annually over next 5 years, primarily due to falling consumption in China, along with falling demand from the US, Canada and Europe.
India’s consumption, on the other hand, will grow at 3.3% each year till 2022, as well as its imports of coking coal. Pakistan and Bangladesh will also contribute to South Asia’s growing coal consumption.
However, IEA predicts that India’s thermal coal imports will be significantly curtailed, owing to the Centre’s policies to reduce dependence on imports. India’s net coal demand will strengthen due to growing power demand and rising industrial output, even as the rate of growth in demand itself halves – from IEA’s prediction of 215Mtce for 2014-2022 last year, to this year’s 115 Mtce. The Centre expects to satisfy this demand by ramping up output from Coal India.
Newcastle: Largest Coal port dumps coal
The port of Newcastle in Australia – the world’s largest coal port – is preparing to abandon coal. In 2016 coal formed 96% of its trade, but the port hopes to diversify into becoming a container port to import and export high-end products. It is also considering transforming into a cruise terminal for tourists.
China’s ambitious carbon trading scheme
China launched the ambitious carbon trading scheme to make the polluting firms pay for their emissions. The scheme focuses on 1,700 fossil fuel plants. Within a set carbon emission limit, polluting companies will have to buy “carbon credits” from their less polluting counterparts.
Reliance will be big renewable energy provider
Reliance Industries owner Mukesh Ambani said his organisation plans to become a major renewable energy provider in India. Earlier this year it tied up with BP to meet India’s fuel and renewable energy demands.
Major setback to World Coal Association, BHP Billiton quits group
BHP Billiton announced it will exit the World Coal Association (WCA), possibly to shield itself from any backlash over the environmental impacts of its coal mining operations. As one of the world’s largest coal miners, its exit from the WCA could severely impact the coal lobby’s power to influence government policy.
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