• Skip to primary navigation
  • Skip to main content
  • Skip to footer

+603 3323 8678

info@candela.com.my

  • Facebook
  • Instagram
  • Twitter
  • YouTube
Candela Green Energy

Candela Green Energy

Pursuing Excellence

  • Home
  • About Us
    • Vision and Mission
  • Projects
  • News
Contact Us

Top Coal Firm in World Cashing in on Global Energy Crisis

coalGlencore, the world’s largest coal shipper, is cashing in on the global energy crisis to the tune of nearly $9 billion in the first six months of 2022, and plans to pay out more than half — $4.45 billion — to shareholders in dividends and buybacks. The Switzerland-based trader on Tuesday reported a first half […]

You are here: Home / News / Top Coal Firm in World Cashing in on Global Energy Crisis

Glencore, the world’s largest coal shipper, is cashing in on the global energy crisis to the tune of nearly $9 billion in the first six months of 2022, and plans to pay out more than half — $4.45 billion — to shareholders in dividends and buybacks. The Switzerland-based trader on Tuesday reported a first half of the year earnings increase of 877% over the same period last year.

Glencore produces more than 100 million tonnes a year of thermal coal at its mines in Australia, Colombia, and South Africa. And unlike most of its direct competitors that have shifted some mining business to commodities such as iron ore or copper, which have both fallen significantly this year, Glencore spurned investor pressure to move away from the dirtiest source of fuel. It is now reaping the benefits as countries across Europe and around the world delayed or scrapped plans to wind down coal power generation as Russia’s war in Ukraine has limited the global gas supply, tripling the price of coal.

Similarly, the gas industry is raking in record earnings.

While the record payouts are legal, critics say the fossil fuel industry is essentially profiteering off war and climate disaster, especially as consumers are being forced to sharply cut their energy consumption yet see their utility bills spike.

On Tuesday, UN Secretary General Antonio Guterres accused the industry of “grotesque greed” and urged leaders to impose a windfall tax that would be used to help people struggling to pay their energy bills.

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities, at a massive cost to the climate,” Guterres said. “I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times.”

Republished from Nexus Media.

Sources: Quartz, Reuters, FT, Mining.com, Wall Street Journal $, Wall Street Journal $

This article was written 109 years ago. 109 years and we still aren’t doing what we need to do to address the climate crisis.

There is no planet B. #ActOnClimate #Climate #energy #ClimateEmergency #renewables #GreenNewDeal. pic.twitter.com/p7NxduvzDT

— Mike Hudema (@MikeHudema) August 9, 2022

1913? Well, here is one from 1846: pic.twitter.com/3jz5e1w1WB

— de^mol (@d_e_mol) August 9, 2022

 

Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.

 


Don’t want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

 


Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.


Advertisement


 


Source: Clean Technica

Category iconNews

Footer

Candela Green Energy Sdn. Bhd.

No. 14A (Level 1), Pusat Perniagaan,
Jalan Bukit Jati 5,
Taman Bukit Jati,
41000 Klang, Selangor,
Malaysia.

  • Facebook
  • Instagram
  • Twitter
  • YouTube

Copyright © 2025 Candela Green Energy Sdn Bhd. All rights reserved. Return to top