XM does not provide services to residents of the United States of America.

China has more than 1 bln tons/year of new coal mines in pipeline, report says



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>China has more than 1 bln tons/year of new coal mines in pipeline, report says</title></head><body>

China developing 1.28 bln tons of coal mining capacity

Chinese mines in progress more than half global pipeline

35% of projects in pipeline under construction

Current large-scale capacity is 3.88 mln metric tons/year

China responsible for 70% of coal mine methane emissions

BEIJING, Sept 10 (Reuters) -China accounts for more than half of the world's pipeline of new coal mines, risking a significant increase in methane emissions, a new study published on Tuesday showed.

China is developing enough new mines to produce 1.28 billion metric tons of coal each year, said the report by U.S.-based Global Energy Monitor (GEM) which included large mines with at least 1 million tons of annual capacity as of April.

It said 35% of that capacity is already under construction, meaning a surge in production is expected in three to five years.

"Expanding coal production capacity is currently a national policy priority and a political task. State-owned enterprises, which dominate the sector, are often mandated to fulfil this objective," said GEM project manager Dorothy Mei.

China's system of long-term contracts guarantees the profitability of coal companies, Mei added.

China's existing mines have made it responsible for 70% of global coal mine methane emissions from similar sized large mines, and if all the proposed projects are completed, this would rise to 75%, the report said.

"The surge in new production starkly contrasts with China's dual carbon neutrality targets," it said.

Methane emissions come from activities such as energy production, agriculture, and landfill and are short-lived in the atmosphere but much more potent than carbon dioxide as a greenhouse gas. They have driven about a third of the rise in global temperatures since the Industrial Revolution.

China's pipeline accounts for more than half of mines under development globally, and includes projects under all stages of development, including those proposed, permitted as well as already under construction.

By comparison, China's existing current large-scale coal mine capacity is 3.88 billion tons per year, the report found, which is nearly half the global total.

China, the world's largest producer and consumer of the fossil fuel, mined a total 4.66 billion tons of coal in 2023, a record high, data from its statistics bureau showed.



Reporting by Colleen Howe; Editing by Alexander Smith

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.