India sells coal mines – can’t end well

So the Indian government sells coal mines to private industrial companies putting more dirty energy into corporate hands. https://www.bloomberg.com/news/articles/2020-11-02/metal-barons-emerge-winners-in-landmark-india-coal-auctions

This will not end well based on history and will NOT help either keeping coal in the ground or reducing the carbon footprint of India’s further growth.

Quote, “Bloomberg reports that the billionaire owners of India’s leading producers of aluminium and copper – Vedanta and Hindalco Industries, respectively – are among the top bidders on the first day of Indian coal mine auctions for private companies, which “spell[s] the end of decades of government control”. Bloomberg adds: “Winners will be allowed to mine and sell coal from their blocks, so far a preserve of state companies. The auctions have been touted by prime minister Narendra Modi’s government as a flagship reform and have been showcased among measures to revive the economy from the shock of the pandemic. India sees coal as a domestically available, affordable source of energy and a significant part of its energy mix even as it promotes renewable energy in a bid to meet its climate goals. Yet, the timing of the auction couldn’t be more stark. The country is pushing for expansion of the dirtiest fossil fuel as a deadly winter smog, partly caused by coal burning, envelops its northern plains.” It continues: “Coal-fired electricity generation plunged 13% from a year earlier in the first half of the fiscal year that started in April. The share of the fuel in power generation narrowed to 64% during the period, from 67% a year earlier. While its share gradually declines, the fuel is expected to dominate the country’s energy mix for several years to come.”

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