https://www.miningweekly.com

Coal CEOs say their fuel is far from being consigned to history

16th November 2021

By: Bloomberg

  

Font size: - +

Coal mining chief executives said the fuel they produce is far from being consigned to history, regardless of stricter global climate action agreed at the COP26 summit last week.

Demand remains robust in Asia and has picked up in Europe and North America as well this winter, executives speaking at the Financial Times Commodities Asia Summit said in a panel discussion. US coal prices surged to the highest in more than 12 years on Monday while rates in Asia reached record highs in October.

“Coal is here to stay for some period of time,” said Ernie Thrasher, CEO at US miner Xcoal Energy & Resources. “It will be two to three decades before there’s a dramatic change in coal’s place in the energy space.”

COP26 President Alok Sharma said his goal at the summit was to “consign coal to history.” While delegates agreed to phase down use of the fuel, the final language of the agreement wasn’t as ardent as many wanted.

The weaker language on coal reflects that the transition toward cleaner energy will require more balance than previously observed, said Paul Flynn, CEO at Australian miner Whitehaven Coal.

“In the Asian region, coal remains very important,” he said. “Everyone is at different stages of development. The recognition of that complexity is one of the things that came out of Glasgow.”

Edited by Bloomberg

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION