Soaring demand for the world’s least-liked commodity sees coal prices jump 106% this year
," adding that it "must sound a death knell for coal and fossil fuels before they destroy our planet."" by scrapping all future global projects. The move to phase out coal from the electricity sector was "the single most important step" to align with the 1.5-degree goal of the Paris Agreement, he said.
When asked whether thermal coal prices could push even higher in the coming months, Buchneva replied: "The current high thermal coal prices have decoupled from costs and are therefore not sustainable. We expect that prices will normalize during the remainder of the year."A bucket-wheel reclaimer stands next to a pile of coal at the Port of Newcastle in Newcastle, New South Wales, Australia, on Monday, Oct. 12, 2020.
"This in response to low gas stock levels both in the US and Europe following a high demand season driven by extreme heat and economic activity," he continued. "All in all, coal is in demand despite raised focus on climate change."Financing coal projects to become more difficult
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