• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 47 mins Could Venezuela become a net oil importer?
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 8 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Why is permian oil "locked in" when refineries abound?
  • 4 mins Could oil demand collapse rapidly? Yup, sure could.
  • 7 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 33 mins Oil prices going down
  • 9 mins Gazprom Exports to EU Hit Record
  • 20 hours Teapots Cut U.S. Oil Shipments
  • 16 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 10 hours Saudi Arabia turns to solar
  • 2 hours EVs Could Help Coal Demand
  • 20 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 8 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
The Fed Is Driving Down Oil Prices

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

Australia Looks To Tackle Its Looming Gas Shortage

Australia Looks To Tackle Its Looming Gas Shortage

The world’s soon-to-be top liquefied…

1,200 New Coal Plants Planned for Construction Around the World

A new report by the World Resource Institute (WRI), titled “Global Coal Risk Assessment: Data Analysis and Market Research”, claims to be the most comprehensive of its kind that is available to the public, and takes an in depth look at the coal market. It managed to identify 1,200 new coal plants that are being planned for construction across 59 countries of the world; three quarters are to be built in India (455) and China (363).

Coal is the most polluting form of fossil power generation, and Ailun Yang, the author of the report, said that “this is definitely not in line with a safe climate scenario – it would put us on a really dangerous trajectory,” despite the warnings from politicians and climate scientists that the planets carbon emissions must be cut within a few years in order to avoid irreversible changes to the climate.

The WRI noted that the global coal market is actually growing; it suffered a small dip in 2008, during the financial crisis, but then grew by an incredible 13% in 2010. This has been partly led by an increase in demand from China, but also by the rapidly increasing import volumes procured by Japan, South Korea, and Taiwan, all of whom have lots of coal plants, but very few coal mines.

Related Article: Trading Places: The Intertwined Fortunes of Coal and Natural Gas

Coal plants are the first source of power generation that many developing countries, such as Guatemala, Cambodia, Morocco, Namibia, Senegal, Sri Lanka, and Uzbekistan turn to, despite the fact that they don’t really have any coal mining industry themselves. As Yang said, “there is a long way to go to raise awareness that you can meet energy needs from sources other than coal.”

Finance for the new coal plants has been mostly supplied by commercial and development banks, the largest contributor being JP Morgan Chase which has provided more than $16.5bn over the past six years, and then Citibank with $13.8bn.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News