China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
IEEFA’s report suggests consumption of coal for power is likely to have peaked in 2013 and is set to decline by between 2% and 4% in 2015.
After peaking in 2013, world coal consumption has been dramatically falling in the last two years and, according to the Institute for Energy Economics and Financial Analysis (IEEFA), it is on track to decline an additional 2% to 4% before the end of the year.
The study, which suggests consumption of coal for power is likely to have peaked two years ago, says that happened as a result of declining consumption by main coal-using countries, particularly China.
Following a decade of near double-digit growth, coal consumption in China has declined 5.7% so far this year, U.S. use is down 11%, Canada 5%, Germany 3% and the UK 16%, the report shows.
Of the top coal consumers, only India, as it pursues rapid economic growth and increased electricity access for its population, has seen its coal consumption increase — it is up 3% to 6% year on year.
The global coal industry has been under sustained attack, with scientists and environmental groups saying that more than 80% of known reserves must stay underground to help tackle climate change, investors pulling out of the sector and prices chronically depressed.
As the world’s biggest economies turned towards renewables, such as wind and solar, the situation is likely to get worse. Three major coal miners have already filed for bankruptcy protection this year: Patriot Coal, Alpha Natural Resources and Walter Energy. And last week, Arch Coal said it was talking to creditors about restructuring its balance sheet.
Meanwhile, England is shutting down it last standing underground coal mine next month, marking the end of a 300-year industry that once employed over a million workers.
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2 Comments
Gordon Saul
Cecilia,
Simple regurgitation of IFEEA nonsense isn’t journalism, its being the willing catspaw of a group dedicated to shutting down the coal industry. When more women and children die from inhaling the smoke from cooking fires because they dont have access to cheap electricity the responsibility will lie in part with good people like yourself.
@Gordon
This comment is in a very bad taste. It neither adds any info to the subject of the article nor suggests any solution.
It is last ditch disparate curse of the person about to lose his job.
Now you lost my sympathy too.
He want to place responsibility where ever he finds comfort in.
I would like to assure you that when your job is lost (err, when coal is shut down), women and children wont inhale smoke from fire wood, as you predict. They will go with LPG or electric stoves powered by solar / wind power.
Now you can peacefully go home and sleep with the knowledge that the world will not be worse after you were kicked out of your job (err, I mean when coal mine is shut down)