Finance & economics | Ember alert

Who is keeping coal alive?

The financiers saving the world’s dirtiest fuel from extinction

EJIN HORO, CHINA - JANUARY 14: Trucks line up to transport coal at a coal mine belonging to China Energy Investment Corporation (China Energy) on January 14, 2023 in Ejin Horo Banner, Ordos City, Inner Mongolia Autonomous Region of China. (Photo by Wang Zheng/VCG via Getty Images)
Image: Getty Images
|Newcastle and Paris

Mountains of coal are piled beneath azure skies at the port of Newcastle, Australia. Giant shovels chip away at them, scooping the fuel onto conveyor belts, which whizz it to cargo ships that can be as long as three football pitches. The harbour’s terminals handle 200m tonnes of the stuff a year, making Newcastle the world’s biggest coal port. Throughput is roaring back after floods hurt supply last year. Aaron Johansen, who oversees ncig, the newest, uber-automated terminal, expects it to stay near all-time highs for at least seven years. Rich Asian countries, such as Japan and South Korea, are hungry for the premium coal that passes through the terminal. So, increasingly, are developing ones like Malaysia and Vietnam.

This article appeared in the Finance & economics section of the print edition under the headline “Who is keeping coal alive?”

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