26 °C Singapore, SG
February 29, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act GS E&C to develop bioethanol using cassava waste Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

Anglo American Plc getting ready to exit thermal coal market

Bloomberg:

Anglo American Plc will get out of thermal-coal mining in the next few years, following larger rivals in exiting the dirtiest fuel as investors ratchet up pressure over climate issues.

“We are in a transition and we will end up without material thermal coal,” Anglo Chief Executive Officer Mark Cutifani said in an interview Monday in Cape Town. “You’re not talking five years; it’ll be earlier than that.”

Anglo has spent decades positioning itself as an environmental and social champion, from treatment plans for employees with HIV or tuberculosis, to developing new ways to mine with less water. Yet it risks getting left behind on thermal coal, after Rio Tinto Group sold its last coal mine in 2018 and BHP Group looks at options to exit the business.

That would leave Anglo and Glencore Plc as the only two large Western mining companies with thermal coal assets.

“We would like to put more clarity around the transition as it goes forward,” Cutifani said. “If it’s done in my tenure, I’ve given my successor a running start.”

Most of Anglo’s thermal coal assets are in South Africa and the transition will need to be handled carefully because of the impact it may have on government relations and communities in the country.

[Thomas Biesheuvel, Felix Njini]

More: Anglo American CEO says he’s getting ready to exit thermal coal

Source

Leave a Reply

Your email address will not be published. Required fields are marked *