Coal producers are actively pursuing 2.2 billion tonnes per annum of new mine projects around the world, a growth of 30 percent from current production levels, a new report from Global Energy Monitor said on Thursday.
The first-of-its-kind analysis surveyed 432 proposed coal projects globally and found a handful of provinces and states in China, Russia, India, and Australia are responsible for 77 percent (1.7 billion tonnes per annum) of new mine activity.
If developed, these proposed projects boost supply to over four times the 1.5 degrees Celsius-compliant pathway necessary to meet the goal of the Paris climate agreement.
While three-fourths (1.6 billion tonnes per annum) of the proposed coal mine capacity is in the early stages of planning and thus vulnerable to cancellation, the report finds one quarter (0.6 billion tonnes per annum) of proposed mine capacity is already under construction.
The prospect of a low-carbon transition and tighter emission policies put these projects at risk of becoming up to $91 billion in stranded assets.
Ryan Driskell Tate, a research analyst at Global Energy Monitor and lead author of the report, said:
“While the IEA has just called for a giant leap toward net-zero emissions, coal producers’ plans to expand capacity 30 percent by 2030 would be a leap backward. Demand for coal is plummeting and financing for new coal projects is drying up. New mines and expansions of existing mines will be producing coal for a world in which coal is unviable economically, and untenable for the environment.”
India’s single largest project, the Siarmal Open Cast mine in Sundergarh district in Odisha could produce 50 million tons per annum (mtpa) at peak capacity, with an operational life of 38 years, making it the second-largest proposed coal mine in the world after Australia’s Carmichael Project (60 mtpa).
The state-owned enterprise, Coal India Ltd, accounts for 66 percent (250 mtpa) of the proposed coal-mine pipeline. From the remaining coal mines pipeline, non-CIL state-owned enterprises account for an additional 59 mtpa.
Read more at Economic Times Of India
As always with the Democ-Rats they want t o always cut off all domestic coal supplies and turn to other nations
Without coal and iron ore exports, Australia’s economy would be largely in Covid lockdown.
Gumnut, I agree. Australia is at a cross-road in my view. The country cannot seem to develop the inland (off the eastern seaboard) to take advantage of the space and agriculture potential that is out west. All that’s needed is reliable supplies of water and a detailed plan for that was prepared by Dr. John Bradfield, yet we are stuck in a rut.
Australia seems incapable of “thinking big” to match the country. It needs a fast connected east coast high speed rail network. Nuclear power generated electricity and big inland water schemes for the people to be able to tap into the potential new developments that await, if only they could imagine that potential? This country could feed Asia.
There needs to be a re-focus away from cities, where millions of Aussies live virtually on top of each other. There are millions of acres of land just over the Great Dividing Range waiting for people to do something with it. I can only dream that one day, this will happen. Then – Australia will become a truly great contributor to the benefit of the billions of sapiens living on planet Earth.
From the article, “The prospect of a low-carbon transition and tighter emission policies put these projects at risk of becoming up to $91 billion in stranded assets.” I don’t know what the people writing for IANS are smoking, but it must be pretty strong. China, India, smaller Asian nations, and Africa are not going to be transitioning to a “low-carbon” economy. India and Africa are guaranteed to significantly increase their reliance on coal. There will be a market for the new coal mines.
From the article, “If developed, these proposed projects boost supply to over four times the 1.5 degrees Celsius-compliant pathway necessary to meet the goal of the Paris climate agreement.” I assume they mean that the world wide emissions of carbon dioxide would be four times higher than the climate activists think it should be to limit warming to 1.5 degrees. I’m sure this is based on climate model projections. Yet, over time most models are running hot and not matching real world data. Recent empirical data shows a very low correlation between carbon dioxide levels and temperature.
The United Nations is a charity, just like the scam the Clinton’s were running. The IPCC knows that the Third World is going to run on carbon. They just want their stipend from the First World. .
The Green New Swindle(Deal)is all about World Government by the leftists UN this whole GlobalWarming/Climate Change is al about World Government run by the Useless Nations why else dose their Logo show North and South America,Europe and Asia in a big Spider Web
When will the UN IPCC say uncle?
Change policy course to climate change adaptation. No one can stop the Chinese Communist government in their pursuit of world domination. Green is a nice idea but it won’t save anyone from what’s coming.