Here is some good news for the planet and some really bad news for Gina Reindhart and other Abbott cronies. (So good news all around really) Chinese coal consumption just fell for first time this century There may be a light at the end of the long dark tunnel. It appears China’s coal boom is over. While positive signs have been emerging from China for well over a year, it appears the ‘war on pollution‘ is not just talk. According to analysis produced Greenpeace in the first half of this year, China’s coal use dropped for the first time this century — while the country’s gross domestic product (GDP) grew. You read that right: coal and GDP growth have decoupled in China. At the same time, the growth of imports — the seemingly endless source of optimism for the moribund coal industry — ground almost to a halt, with only 0.9 percent growth so far this year, as opposed to more than 15 percent yearly figures we have seen since China first became a net importer. Topping off the trifecta of good news is that domestic production dropped by 1.8 percent. While uncertainty over the changes in coal stockpiles still exists, we’re confident that the unbelievable may be at hand: peak coal consumption in China.
Posted on: Wed, 20 Aug 2014 14:15:16 +0000
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