Miners return to the surface from a shift at the Lonea coal mine in Petrila, Romania. An IMF article is calling for coal use to be phased out across emerging markets, but acknowledged that miners "deserve realistic solutions to the potential disruption they face". AFP.
Miners return to the surface from a shift at the Lonea coal mine in Petrila, Romania. An IMF article is calling for coal use to be phased out across emerging markets, but acknowledged that miners "deserve realistic solutions to the potential disruption they face". AFP.
Miners return to the surface from a shift at the Lonea coal mine in Petrila, Romania. An IMF article is calling for coal use to be phased out across emerging markets, but acknowledged that miners "deserve realistic solutions to the potential disruption they face". AFP.
Miners return to the surface from a shift at the Lonea coal mine in Petrila, Romania. An IMF article is calling for coal use to be phased out across emerging markets, but acknowledged that miners "des

Energy

Shift to coal alternatives is the way to a greener future, IMF says

With a decline in coal use of just 2.3 per cent annually across various countries, it would take 43 years to fully phase out coal

Deena Kamel
Deena Kamel

December 08, 2020

  • English
  • Arabic

Coal demand is expected to recover from a sharp pandemic-induced decline as the world economy emerges from the crisis but green investment, technology advancements and well-designed policies can help phase out the dirty fuel.

Stricter environmental policies, carbon taxes and affordable energy substitutes will be crucial to address the hurdles of transitioning to cleaner alternatives, the International Monetary Fund said in a blog post on Tuesday. The shale gas revolution is among the forces accelerating the phase-out of coal.

"Tough questions will need to be asked and answered when considering the policy alternatives supporting a shift away from coal," the fund's economist Christian Bogmans and research officer Claire Mengyi Li said in the co-authored blog post.

Coal is a major contributor to local pollution and climate change, accounting for 44 per cent of global CO2 emissions. Currently, emerging markets account for 76.8 per cent of global coal consumption, about half of which is by China. Power generation accounts for 72.8 per cent of coal use with another 21.6 per cent used by industry.

Policymakers will need to address the plight of coal-dependent workers during the phase-out.

"Coal miners and others who depend on the coal industry for their livelihoods need, and deserve, realistic solutions to the potential disruption they face," the co-authors said.

Other policies are also needed to ease job transitions and potentially encourage the development of alternative industries to avoid disrupting communities and upending families, they said.

For emerging markets and low-income countries, the international community can provide financial and technical assistance and limit financing of new coal plants – at least where alternatives exist.

Cleaner alternatives like natural gas can also help bridge the transition towards a greener future, the authors said.

Even with these actions, the phase-out of coal could take decades. Across a range of developed economies, coal use declined just 2.3 per cent annually during the period between 1971 to 2017. At that rate, it would take 43 years to fully phase out coal, starting from the peak consumption year, the IMF said.

Phasing out coal is most difficult in emerging markets because its use in industry is difficult to replace with other energy sources.

Secondly, coal power plants are long-term assets with a minimum design lifespan of 30 to 40 years and are therefore set to remain unless there is dramatic drop in the prices of renewables or policymakers intervene, the IMF said.

Finally, moving away from coal typically means losses for the domestic mining industry and its workers, which could complicate and delay the phase-out of coal. The transition could risk financial stability in coal-producing countries as banks take losses on investments in obsolete mines and power plants, the authors said.

"And the human element often sees a long, proud tradition of miners and others working in the industry, which makes abandoning this way of life difficult," they said.

Zayed Sustainability Prize
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Klipit%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Venkat%20Reddy%2C%20Mohammed%20Al%20Bulooki%2C%20Bilal%20Merchant%2C%20Asif%20Ahmed%2C%20Ovais%20Merchant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Digital%20receipts%2C%20finance%2C%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%244%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%2Fself-funded%3C%2Fp%3E%0A
Killing of Qassem Suleimani
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

E-cigarette report
The five pillars of Islam
On Women's Day
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
UAE currency
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

While you're here
PAKISTAN SQUAD

Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah. 

Plastic tipping points
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The years Ramadan fell in May

1987

1954

1921

1888

The years Ramadan fell in May

1987

1954

1921

1888

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Kareem Shaheen on Canada
Mohammed bin Zayed Majlis
Plastic tipping point
COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Our commentary on Brexit
Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
More on this story
More from Neighbourhood Watch:
Killing of Qassem Suleimani
Killing of Qassem Suleimani
More from Neighbourhood Watch
EA Sports FC 25
World Mental Health Day
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Zayed Sustainability Prize
You might also like
While you're here
'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

Energy