|The Indian Government’s doubling of the tax on coal – the opposite of the coal lobby’s demand – is another hopeful sign the country is emulating China’s switch to renewables. New Chinese data reveals coal use continues to fall, renewables are booming and greenhouse gas emissions dropping.|
The coal lobby has long pinned its hopes on China and India’s demand growing and underpinning the coal trade for decades to come. The opposite is coming to pass, especially for the seaborne coal trade. This week Anglo American has announced the end of its plans for new coal operations in Botswana, Vale has lost another US$500 million on its ambitious Mozambique plans, and the World Bank has all but ruled out funding coal plants in Myanmar.
All of which explains why coal industry lobbyists are so glum these days.