Asia accounts for 75% of the world's coal demand. China alone consumes half of it
gloom about climate change, news of coal’s decline seems like a pinprick of hope. President Donald Trump may adore “beautiful, clean coal”, but even he cannot save it. A growing number of countries want to phase out coal entirely, a transition eased by cheap natural gas and the plunging cost of wind and solar power.
There are several reasons for this, but one stands out: government support. In India state-owned companies invest more than $6bn in coal mining and coal-fired power each year; state-backed banks provide some $10.6bn in financing. Indonesia doles out more than $2bn annually for consumption of coal-fired power. China supports coal not just at home but abroad, supplying about $9.5bn a year in foreign funding. Japan and South Korea finance coal projects outside their borders, too.
Nevertheless, governments betting on coal face three big risks. One is environmental. Emissions from coal plants that are already built—let alone new ones—will ensure that the world exceeds the level of carbon-dioxide emissions likely to push global temperatures up by more than 1.5°C.
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