In 2021 the world, which was meant to “consign coal power to history”, probably consumed more coal-fired electricity than ever before. Glencore is one of the unloved mineral’s most resolute champions
26 climate summit, probably consumed more coal-fired electricity than ever before, the International Energy Agency, the world’s pre-eminent energy forecaster, said in December. The strength of demand drove coal prices to record levels in October 2021. The buoyancy is expected to continue into 2022, not least because coal is a substitute for natural gas, whose price around the globe has continued to surge in the run-up to the new year.
That makes a campaign by a tiny activist fund, Bluebell Capital, which is trying to force Glencore to shed its coal assets, an intriguing opportunity to examine shareholder attitudes towards coal. Only a few years ago investors, especially those with environmental, social and governance mandates, were virtually united in the opinion that big miners should withdraw from the dirtiest fossil fuel. Now they take a different view. This may be a matter of principle.
Then the unexpected happened. Thungela’s shares, after a rocky start, quadrupled in value in a matter of months. Glencore, shortly after 94% of shareholders had approved its coal-reduction plans, bought out its joint-venture partners Anglo andin a Colombian coal mine that will bolster its overall output from about 104m tonnes in 2021 to 122m tonnes within two years.has reportedly put its retreat from thermal coal under review because of rising prices and changing investor attitudes.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
David Lammy says sorry for nominating Jeremy Corbyn as Labour leaderDavid Lammy has apologised for nominating Jeremy Corbyn, saying he never believed he would win the leadership.The shadow foreign secretary said Labour was still “on a journey” when it came to improving relations with the Jewish community.Corbyn was able to stand for leader after he secured 36 nomina
Read more »
British chef jailed in Dubai allowed outside for 40 minutes in seven monthsA British chef jailed in Dubai after local police mistook a text about a restaurant booking for drug trading has finally made it back to the UK.
Read more »
Queen Elizabeth latest news – Crossbow ‘assassin’ got just 500 metres from Her Majesty before being taken down by cops- Meghan & Harry fans spot 'hidden message' in wedding video- Thomas Markle blasts ‘candyass’ Prince Harry
Read more »
'The 12 days of pickmas' - one schoolgirl's pledge to help save the planet | ITV NewsA teenager from Gloucestershire is picking litter every day over the festive period for what she has called 'The 12 Days of Pickmas.' | ITV News West Country
Read more »
NHS Test and Trace 'wrongly tells Covid-infected to quarantine for 10 days'NHS Test and Trace are reportedly continuing to send out messages telling people to self-isolate for 10 days which goes against latest government guidelines which has reduced it to seven
Read more »
Celtics' Jaylen Brown, Al Horford Weren't on Same Page After Timberwolves LossAl Horford had a pointed message for the Celtics after Monday’s frustrating loss to the Timberwolves, but Jaylen Brown didn’t seem to agree with the veteran’s assessment.
Read more »