The largest coal mining company in the world has announced it will close 37 mines because they are no longer economically viable. Coal India, which produces around 82 per cent of India’s coal, said the mines would be decommissioned by March 2018. The closures, of around 9 per cent of the state-run firm’s sites, will reportedly save around 8,000,000,000 rupees (£98m). India’s solar sector has received heavy international investment, and the plummeting price of solar electricity has increased pressure on fossil fuel companies in the country. The government has announced it will not build any more coal plants after 2022 and predicts renewables will generate 57 per cent of its power by 2027 – a pledge far outstripping its commitment in the Paris climate change agreement. Plans for nearly 14 gigawatts of coal-fired power stations – about the same as the total amount in the UK – were scrapped in May, signalling a seismic shift in the India’s energy market.
Independent 21st June 2017 read more »
Former Director of Friends of the Earth and Founder of Forum for the Future, Jonathon Porritt has blasted the plan for a new coal mine near Sellafield.
Keep Cumbrian Coal in the Hole 21st June 2017 read more »
Some of the world’s top banks are continuing to lend tens of billions for extracting the most carbon-intensive fossil fuels, according to a report of top lenders. Finance provided for these fossil fuels – tar sands and other unconventional oil and gas, as well as coal and liquefied natural gas – amounted to $87bn for the top 37 banks in 2016. That represented a slump of more than a fifth compared with the $111bn raised the previous year, and was also down on 2014’s total of $92bn. However, the analysis, carried out by a group of NGOs including the Rainforest Action Network and Sierra Club, showed that multinational banks aroun d the globe, including many household names, were trumpeting their green credentials while continuing to pour money into the dirtiest fuels. The report, entitled Banking on Climate Change 2017, scored the institutions from A to F on their practices, including the banks’ policies, the nature of the investments, the size and type of transactions, and the impact on climate change.
Guardian 21st June 2017 read more »