Document summary
Despite being the most polluting source of power generation, accounting for 41% of global carbon emissions, coal remains a cornerstone of the global economy, delivering 30% of energy and 40% of power generation worldwide. However, recent announcements on carbon regulation in the U.S., attempts to curb pollution in China, and negotiations in the European Union over the 2030 framework for climate and energy policies in October are likely to slow the pace of coal demand. A significant decline in coal production and consumption globally is becoming a much more realistic concept, in Standard & Poor's Ratings Services' view. However, the pace and scale of change within the coal industry is far from clear, and investors could potentially remain in the dark for some time. This report analyses the state of the global coal market, constraints and opportunities on demand and supply and provides country analysis for the US and China in particular.