Op-Ed: Major deal – G7 to cease coal finance this year

By Paul Wallis
Published May 22, 2021

The North Antelope Rochelle opencut coal mine. — Photo: Peabody Energy. (Creative Commons 4.0)

Well, it had to happen sooner or later, but sooner is much better. By ending finance, the G7 is effectively phasing out coal. Coal is a glutton for money, as well as a global-scale problem for emissions. China, the world’s largest polluter, wasn’t part of this deal. That said, if it sticks to 19th-century energies, that has some global ramifications, too.

Credit where it’s due – The coal agreement is a first, even if many would say it’s a few decades late. At a time of massive global upheaval, some strategic policy coherence is more than welcome. The next stage is a UN summit in November to make this a truly global initiative. If adopted, coal is gone as an energy source.

Getting rid of coal also equates to a massive hit to global pollution, the key factor in the G7 decision. Coal releases a virtual smorgasbord of pollutants. The sheer scale of this pollution is truly mindboggling, in the billions of tons per year. Coal power plants also release a lot of secondary pollution, like contaminated water, etc.

Interestingly, one of the under-mentioned comments on this new approach was that reliance on fossil fuels was a factor in the decision. “Reliance” is an old issue, but it has become much more of a working equation in the future of energy as resources dry up and/or become uneconomic.

…But what about the huge financial stakes in coal?

There’s an easy answer to that question, and it couldn’t be more obvious. As any one of millions of recyclable carbon products, coal could be very useful. Black coal is almost pure carbon. It can be turned into almost literally anything, including the non-toxic new resins, 3D printing, etc.

Carbon, in fact, is one of the most widely-researched products on the planet. From basics to advanced carbon nano products, there’s a future sitting there waiting to go when the coal industry wakes up. The value for the coal will increase, ironically. That’s because any other possible use of coal other than as fuel adds value and doesn’t destroy the resource.

Well, it had to happen sometime. Somebody got something right. Let’s hope the nuts and conspiracy morons don’t get in the way.

Read more: https://www.digitaljournal.com/world/op-ed-major-deal-g7-to-cease-coal-finance-this-year/article#ixzz6vcRQHJo4