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Investment in coal -- the dirtiest fossil fuel -- is set to rise 10% this year as energy security grow
Business Insider via Yahoo NewsInvestment in coal is likely to jump 10% this year, as a growing number of countries race to secure alternative sources of fuel to improve energy security, which has been eroded by the Ukraine war, according to the International Energy Agency (IEA.)
"Russia's invasion of Ukraine has upended the fuel investment landscape and intensified a commodity price shock," said the IEA in its World Energy Investment 2022 report on Wednesday.
The global energy markets were already getting squeezed by the strong recovery in economic activity as coronavirus lockdowns eased and supply fell far short of demand. The war in Ukraine has only added to those concerns, given Russia's position as a major energy supplier and oil prices are up around 40% year-to-date as a result.
About $105 billion was invested in the coal supply chain in 2021, up 10% from 2002, according to the IEA, which advises Western governments on energy policy, and "tight supply continues to attract new projects," it added.
China and India are expected to lead the greater push into coal, given that they are the world's top two consumers. China experienced power rationing and coal shortages last year, which made energy security a near-term priority for the government. India is looking to bump up domestic coal production to replace costlier imports to deal with power shortages, according to the IEA.
"Russia's invasion of Ukraine has upended the fuel investment landscape and intensified a commodity price shock," said the IEA in its World Energy Investment 2022 report on Wednesday.
The global energy markets were already getting squeezed by the strong recovery in economic activity as coronavirus lockdowns eased and supply fell far short of demand. The war in Ukraine has only added to those concerns, given Russia's position as a major energy supplier and oil prices are up around 40% year-to-date as a result.
About $105 billion was invested in the coal supply chain in 2021, up 10% from 2002, according to the IEA, which advises Western governments on energy policy, and "tight supply continues to attract new projects," it added.
China and India are expected to lead the greater push into coal, given that they are the world's top two consumers. China experienced power rationing and coal shortages last year, which made energy security a near-term priority for the government. India is looking to bump up domestic coal production to replace costlier imports to deal with power shortages, according to the IEA.
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