Desire to save planet hit coal companies

The desire of UN countries save the planet from global warming hit coal companies. The shares of coal companies on November 15 collapsed after the completion of the climate summit (COP26) and the publication of the final agreement – the Climate Pact Climate Covenant (Glasgow Climate PACT).

Shares of large Chinese companies for the extraction of energy coal CHINA SHENHUA ENERGY and YANZHOU COAL fell by 1.7 and 4 percent, respectively, evidenced by the data of the Hong Kong Stock Exchange. In Indonesia, the world leader in terms of exporting this type of fuel, the securities of the largest coal company Bumi Resources fell by 5.7 percent, according to the Indonesian Stock Exchange. Shares of other major producers of the country, ADARO ENERGY and INDIKA ENERGY fell by 5.3 and 6.9 percent, respectively. The calculation of the value of these shares was also due to the growth of coal production in China, which previously depended on Indonesian fuel.

At the acknowledged in Australia, the share of energy coal mining WHITEAVEN COAL fell by 2.4 percent, and its securities of its competitor NEW Hope is 1.5 percent. The papers of Australian mining companies SOUTH32 and CORONADO Global Resources decreased by 2 and 4.3 percent, respectively. The cost of shares of coal companies in Russia has not changed significantly at the end of the Summit in Glasgow.

UN climatic negotiations in Glasgow ended on November 13. On this day, an agreement was signed on the further use of fossil fuels. Although the participating countries initially planned to register in the contract a complete rejection of coal, after China’s objections and India, the final formulation was mitigated – the state decided to “gradually reduce” its use writes Reuters.

In addition, about 50 countries participating agreed on the transition from the use of coal power plants to net energy, as well as termination of issuing permits for new coal projects. Russia, China and the United States refused to sign the agreement. In total, more than 200 states took part in the conference. “The reality is such that the coal will only be used over the next decade or so,” the CEO of the Sydney Research Company Deep Data Analytics Mathan Somasundaram.

concluded in conversation Reuters.

/Media reports.