Coal Divestment is a Blunt Instrument

In the last five years, there has been a slow but growing international consensus around the withdrawal of financial capital from the coal industry. Large sovereign wealth funds and pension funds, as well as multi-national aid agencies like the World Bank have undertaken this virtue signalling exercise by announcing their exit from coal financing. While coal-based generators in the West were already on the back foot because of rising regulatory costs, most of the coal expansion in the 2010s has come from Asia, particularly India and China.