Glencore's $9 billion bet on coking coal's role in green transition
Feb 16,2024 | DAXTROMNSOLAR
Resource trading giant, Glencore, is investing $9 billion in coking coal production, despite growing concerns over its environmental impact. Coking coal, also known as metallurgical coal, is used in the production of steel and is a key component in the construction of wind turbines and electric vehicles. Glencore's decision to increase its coking coal output is based on the belief that demand will continue to rise due to the global transition to cleaner energy.
Critics argue that coking coal's contribution to CO2 emissions makes it a dirty source of energy. However, Glencore maintains that it aims to produce the coal as efficiently as possible and reduce its carbon footprint. The company plans to invest in carbon capture technology to mitigate the environmental impact of its operations. It also argues that coking coal is necessary for the steel industry during the transition to greener infrastructure.
In my opinion, Glencore's investment in coking coal highlights the challenges faced by industries in balancing environmental concerns with the need for resources during the global shift towards green energy. While it is crucial to prioritize sustainable alternatives, it is also important to recognize the significance of coking coal in the current infrastructure. Investments in technologies like carbon capture can help minimize the environmental impact while ensuring the availability of essential resources.
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