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The Financial Post reported that the withdrawal of support for coal projects from bodies such as the United States, World Bank and European Investment Bank is unprecedented and could spread to other organizations and countries.
The Financial Post reported that the withdrawal of support for coal projects from bodies such as the United States, World Bank and European Investment Bank is unprecedented and could spread to other organizations and countries.
As quoted in the market news:
While the pull back is unlikely to have a direct impact on China, the world’s top user of coal, it could curb construction of new plants in countries such as South Africa and Vietnam and dampen new export markets for coal mined in the U.S., Indonesia or Australia by companies such as Peabody Energy Corp. and Alpha Natural Resources Inc.
‘We’ve never seen a cascading sentiment that coal is not acceptable like we’re seeing happen right now,’ Justin Guay, the head of the Sierra Club’s international climate program, said in an interview. ‘It’s a snowball running downhill.’