07 October 2014

China coal consumption down 23% as more funds dump fossil fuels : Renew Economy

Divestment gains momentum as China reduces coal imports further:

Deutsche Bank reported on Monday that a survey of thermal coal used in China by six major coastal electric utilities shows that consumption declined by 23 per cent yoy during the August-September period.

In Australia this week, the $8 billion Local Government Super Fund announced it would divest $25 million of shares in companies that generate more that one-third of their income from “high carbon sensitive” activities, including coal and tar sands mining and coal-fired power generation.
But, as the BNEF report also noted, the $5 trillion global shift out of fossil fuels will be “far from easy,” requiring a massive scale-up of new investment vehicles.

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