Coal news and updates

Japanese trading houses are speeding up their efforts to shift away from coal and other fossil fuel assets amid a growing decarbonisation push worldwide and to match an ambitious pledge by government of becoming a carbon neutral by 2050.

 

The move comes as the trading houses are re-thinking their long-term strategies around upstream investment, Wood Mackenzie Asia Pacific Vice Chair Gavin Thompson, said in a recent note.

 

"If 2020 was a year for the re-evaluation of future plans, then 2021 looks to be the year of implementation," he said.

 

For example, Itochu 8001.T said on Thursday it will offload its stake in a Colombian coal mine, shedding 80% of its thermal coal assets, and will sell the remaining stake in two Australian mines "as soon as possible."

 

Source : https://www.nasdaq.com/articles