• By The Financial District

COAL FIRMS PLAN 432 NEW MINES WITH 2.28B TON OUTPUT

The world's coal producers are currently planning as many as 432 new mine projects with 2.28 billion metric tons (MT) of annual output capacity, research published on Thursday showed, putting targets for slowing global climate change at risk, Reuters reported.

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China, Australia, India, and Russia account for more than three-quarters of the new projects, according to a study by U.S. think-tank Global Energy Monitor. China alone is now building another 452 million tons of annual production capacity, it said.


"While the IEA (International Energy Agency) has just called for a giant leap toward net-zero emissions, coal producers' plans to expand capacity 30% by 2030 would be a leap backward," said Ryan Driskell Tate, Global Energy Monitor research analyst and lead author of the report.


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Tate said the new projects not only jeopardize efforts to combat global warming but could risk saddling companies with as much as $91 billion in stranded assets.


The report said four Chinese provinces and regions alone - Inner Mongolia, Xinjiang, Shaanxi and Shanxi - account for nearly a quarter of all the proposed new coal mine capacity.


China has pledged to bring its emissions to a peak by 2030 and to net-zero by 2060. President Xi Jinping said earlier this year that the country would start to cut coal production, but not until 2026.



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Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.
Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.