If the fact that the decline in coal brings a net growth in jobs is true in China as well as America, Chinese workers may have a lot to cheer about.
Because The Guardian reports that Chinese coal imports were down a whopping 42% for Q1, compared to the year before.
Now I've posted several times already about China's break up with coal and how it is happening sooner and faster than anyone expected. But this single issue is so central to everybody's wellbeing, we would be wise to continue following closely.
So here's more of the scoop from The Guardian story:
Imports by the world’s biggest coal consumer reached 49.07m tonnes in the first quarter, a fall of 42% on the same period a year ago according to data from the Chinese customs office. Trade figures for March showed that imports were down overall by 12.3% while exports badly missed expectations, falling 15% from a year earlier.
An interest in climate stability and, you know, survival of our species isn't the only reason we should all be paying attention to this. Our investments and pensions are impacted too. Coal mining companies here in the West have long been touting prolonged growth in China and India as as a sure fire guarantee of long-term growth, even as demand fell at home—but that argument is looking decidedly out of date.
Investing website Motley Fool puts it about as succinctly as anyone can: Coal is dead. It's time to accept it.
I couldn't agree more.