Coal Consumption to Rise Despite World Bank, EIB Restrictions

Scientific American reported that although the World Bank and European Investment Bank (EIB) plan to curb their funding of coal-fired power stations, consumption of the fuel is still expected to rise by at least one-third by 2040.

As quoted in the market news:

The shale gas boom in the United States means record amounts of relatively cheap U.S. coal are now available for export. The EIA says U.S. coal exports were more than 115 million tons in 2012, more than double the 2009 figure.

The European Union is by far the biggest customer for U.S. coal, with exports to the UK alone going up by about 70 percent in 2012.  A big jump in UK coal use is deemed to be largely responsible for a 4 percent rise in UK CO₂ emissions last year.

Meanwhile Germany, the EU’s economic powerhouse and a country often regarded as a leader in cutting CO₂ emissions, is gradually upping its coal use.

It all makes grim reading for those hoping to limit CO₂ emissions and prevent runaway global warming.

Click here to read the full Scientific American report.