More Coal in China’s Stocking?
The world’s largest consumer of coal seems to be consuming even more of the fossil fuel, as China Shenhua Energy Company, a unit of the nation’s largest coal producer, saw significant growth over the first two quarters of the fiscal year. China Shenhua Energy reported a 14 profit increase of said time period, stemming from an increased demand due the rapid expansion of the Chinese economy.China is home to the fastest growing major economy on the planet, already the second largest in the world behind the United States. Over the past 30 years, China has sustained an average growth rate of 10, unmatched across the globe. Such demands to meet business needs and power fast-paced innovation have placed further stress on the environment, despite the resulting financial windfall. The concern regarding Chinese coal use however is slightly mitigated by the countries expansive coal reserves. (more…)