European thermal coal prices have more than doubled since the start of the war
The rush to use fossil fuels because of the war in Ukraine is “madness”, said the United Nations Secretary-General. Russia is the world's largest exporter of oil and the second-largest crude oil exporter behind Saudi Arabia.
It is also the third-largest exporter of coal. The Russian invasion of Ukraine has led to the rapid rise in the prices of coal, oil and gas.
European thermal coal prices have more than doubled since the start of the war in Ukraine and now, Europe and other countries are looking to cut their reliance on Russian oil and gas this year.
Many are turning to coal or imports of liquefied natural gas as alternative sources. Germany, one of the largest importers of Russia's fossil fuels, wants to increase its supply of oil from the Gulf. They are also speeding up the building of terminals to receive liquefied natural gas.
Antonio Guterres warns that these short-term measures might "close the window" on the Paris climate goals. He also called on countries, including China, to fully phase out coal by 2040. Carbon output needs to be cut to half by the end of this decade to maintain the 1.5 degrees Celsius thresholds. Instead, emissions are set to rise by 14 per cent.
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