When the term “black gold” is used, it usually pertains to oil. Coal, one of the oldest sources of energy used by man, has long been a poor cousin. However, in an era of higher oil prices and apprehension over future supply, coal no longer looks so bad.
This is certainly the case in China, where the industry is beginning the process of a major overhaul. According to the Organization for Economic Cooperation and Development (OECD), the Chinese economy has expanded at an average of 9.5% over the past two decades and “seems likely to continue at that pace for some time”. To maintain that pace of growth, China must tap all of its energy resources, including coal.
China is the world’s largest producer of coal. While a small amount of that coal reaches foreign markets, most of it is destined for use at home. Indeed, coal accounts for roughly two thirds of China’s energy needs.
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