High Coal Agency in World Cashing in on International Power Disaster


Glencore, the world’s largest coal shipper, is cashing in on the worldwide power disaster to the tune of almost $9 billion within the first six months of 2022, and plans to pay out greater than half — $4.45 billion — to shareholders in dividends and buybacks. The Switzerland-based dealer on Tuesday reported a primary half of the 12 months earnings improve of 877% over the identical interval final 12 months.

Glencore produces greater than 100 million tonnes a 12 months of thermal coal at its mines in Australia, Colombia, and South Africa. And in contrast to most of its direct opponents which have shifted some mining enterprise to commodities corresponding to iron ore or copper, which have each fallen considerably this 12 months, Glencore spurned investor strain to maneuver away from the dirtiest supply of gasoline. It’s now reaping the advantages as international locations throughout Europe and all over the world delayed or scrapped plans to wind down coal energy era as Russia’s battle in Ukraine has restricted the worldwide fuel provide, tripling the worth of coal.

Equally, the fuel business is raking in document earnings.

Whereas the document payouts are authorized, critics say the fossil gasoline business is basically profiteering off battle and local weather catastrophe, particularly as customers are being pressured to sharply lower their power consumption but see their utility payments spike.

On Tuesday, UN Secretary Basic Antonio Guterres accused the business of “grotesque greed” and urged leaders to impose a windfall tax that might be used to assist individuals struggling to pay their power payments.

“It’s immoral for oil and fuel firms to be making document earnings from this power disaster on the backs of the poorest individuals and communities, at a large price to the local weather,” Guterres mentioned. “I urge all governments to tax these extreme earnings, and use the funds to assist essentially the most weak individuals via these troublesome instances.”

Republished from Nexus Media.

Sources: Quartz, Reuters, FT, Mining.com, Wall Avenue Journal $, Wall Avenue Journal $

 


 

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