Asian Banks Dump Coal, Dashing Trump s Dreams
Copy link
By Nithin Coca
Copy link
WHY YOU SHOULD CARE
Most major coal financiers in Asia are pulling out of coal funding, leaving the future of America s export market bleak.
By Nithin Coca
China, Japan and South Korea have announced aggressive targets to go carbon neutral.
All of this is threatening the future of American coal, which relies on the Asian market.
For years, the coal industry has withstood ups and downs, demonstrating a resilience that’s been at odds with doomsday predictions of a steep, irreversible decline. Drops in usage in the U.S. and Europe have been offset by the seemingly incessant expansion of coal-fired power plants in Asian countries including China, India, Indonesia and Vietnam so much so that American coal exports initially increased under the Trump administration.