RE: The £86k at the lower price reversed27 Aug 2021 07:14
Imports of both coking and thermal coal from Russia have jumped, too, as Moscow aims to expand its market share in Asia. Already, Russia is ramping up coal production and pouring billions of dollars into upgrading railroads to transport coal to its ports in the far east.
China’s goal of being carbon-neutral by 2060 means it will eventually be forced to cut its coal habit. But as a senior official at the Chinese state planning agency put it, the country currently has “no other choice” but to rely on coal as a reliable power source. Meanwhile, China’s ban on Australian coal may last “much longer” (paywall) than initially expected, according to energy consultancy Wood Mackenzie, while Goldman Sachs reckons the ban may even stay in place for years.
Until other sources of energy, including renewables, comprise greater shares of the country’s total energy consumption, China will remain a major importer of coal—and any trade disruptions it causes will ripple throughout the global coal industry.
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