Build back better, come back greener may be an admirable goal, observes David Fyfe of Argus Media, an industry publisher, but unless it is accompanied by serious policies, “coal will remain the default fuel for base-load power in many countries. In late July this year a gathering of environment ministers from the G20 group of countries in Italy turned into farce, with officials from China, India, Russia and Saudi Arabia blocking an agreement to end fossil-fuel subsidies and phase out the use of coal. Hopes that the world would permanently lower its energy use after the global financial crisis of 2007-09 came to nothing. An expected boost to American gas production should eventually refill storage units worldwide.Įven so, the fossil-fuel surge offers a warning. ![]() In May China’s central government ordered provinces to curb electricity use, which should reduce the demand for fuel. But local sources proved insufficient, and imports from Mongolia were curtailed by covid-related border closures. A growing emphasis on fossil fuel supply-side measures Climate policy at the national level has historically focused on demand-side measures to curb greenhouse gases emissions, an emphasis that is also reflected in the wording of the Paris Agreement. Steel mills along China’s coast rushed to find alternatives. Some 70% of its usual imports of seaborne metallurgical coal (used to make steel) became off-limits, says Jim Truman of Wood Mackenzie, a consultancy. In October China banned coal imports from Australia. Commerzbank, a German lender, predicts that global steel output could hit a record high this year. Steelmaking, which uses a lot of coal, provides another boost. Ahead of a critical global climate conference in November, a UN report released Wednesday shows that many of the world’s largest fossil fuel producers are still planning to ramp up production. America’s Energy Information Administration forecasts that coal’s share of domestic electricity production will rise to 26% this year, from 22% in 2020. Anastacia Dialynas of Bloomberg NEF, a data outfit, reckons that high natural-gas prices may encourage power producers to favour coal-burning plants over gas-fired generators. ![]() Production bottlenecks in South Africa and Colombia have not helped. Climate activists are outraged that Biden appears open to the huge Willow project on Alaska’s North Slope, which they call a carbon bomb that would break his campaign pledge to curtail oil. Business Business fossil fuels Shell Oil Company Despite Its Pledges, Shell Funded Anti-Climate Lobbying Last Year The oil giant belonged to one group that pushed for a rule designed to preempt banks policies against lending for Arctic drilling and coal mining. Chinese electricity demand, which relies heavily on the sooty stuff, shot up to a record in mid-July. Coal markets are heating up, too: the price of one benchmark has nearly trebled so far this year.
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