About a third of the world’s planned new coal mines are in China, ensuring production continues to rise in the largest coal-producing country, even as calls grow to phase out the most polluting fossil fuels to avoid the worst effects of climate change.
Data from energy research organization Global Energy Monitor indicates that China had 559 million tons of new coal mines proposed at the start of the year, accounting for 29% of the global total, according to a note from Bloomberg Intelligence. Australia came in second with a share of 17%, then India and Russia with 16% each. However, 1.94 billion tons of new mines planned around the world accounted for 15 percent less than last year.
China extracted 4.01 billion tons of coal in 2021, a number that will only increase after production is increased to record levels to prevent a repeat of the energy crisis that crippled the economy last year.
Bloomberg Intelligence said the daily coal production target rose to 12.5 million tons in August, meaning annual production became 4.56 billion tons. Although the spot rate must remain flexible as miners prioritize the shipments of fixed-term clients, imports will likely come under greater pressure.