October 20, 2021
Markets

Ideology, not market, driving coal decisions -Australia resources minister

Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. REUTERS/David Gray/File Photo

MELBOURNE, Oct 14 (Reuters) – Global regulators, banks and investors are making ideological rather than market-based investment decisions around coal, which will still have solid demand in the coming decades, Australia’s Resources Minister Keith Pitt told Reuters on Thursday.

Pitt’s National Party, a junior member of Prime Minister Scott Morrison’s governing coalition that represents many Australians in coal-producing districts, has refused to support a net-zero carbon emissions target by 2050 for the country, the world’s biggest coal exporter.

The National’s position has held Morrison back from committing to attend the COP26 climate conference in Glasgow next month, where global leaders will meet to set further climate…

Read full article here: www.reuters.com