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ICICI Securities Report
The ongoing global energy crisis has forced Western countries to rethink their coal strategies. A pragmatic approach towards energy security and reliable supply of energy is now being considered and the earlier planned strategy of a hasty green transition looks uncertain.
While Western governments are mulling their strategies, China is ramping up its coal production and generation capacity substantially, approving 420 million tonne of additional annual mining capacity and starting work on 33 giga watt of new thermal plants.
Further, Chinese Premier Li Keqiang, while submitting China's government work report at the annual session of Parliament, said his country would 'work harder' to make coal use cleaner and more efficient, update coal-fired power plants to make them more efficient, and enhance the capacity of grids to absorb power produced by renewable sources.
These moves endorse India's approach to phasing down instead of phasing out of coal.
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