Last Updated on: 22nd November 2023, 01:58 pm
TELF AG has released a new publication titled “TELF AG analyses some dynamics of the global coal market,” which delves into the potential scenarios and implications for vital raw materials. The report also examines the tangible impacts of the global energy transition on the world’s natural resource market.
TELF AG addresses a less-discussed issue concerning the changes that could significantly affect individuals working in specific sectors tied to the extractive and energy industries. The report evaluates the measures and policy actions required to mitigate the adverse effects of the ongoing green revolution.
Recently, the European Union has also focused on this topic in some key documents related to raw materials. They have highlighted the consequences of climate change and the energy transition, especially for developing communities. The hope is that this monumental transition can occur without severe repercussions on the lives and economies of certain countries. The EU underscores the immense significance of this sector for the future economy.
One of the industries facing an uncertain future is the global coal sector, which may see nearly a million workers lose their jobs by 2050. This outcome is not solely a result of market volatility and raw material price fluctuations but is primarily due to the specific nature of the ongoing ecological transition. According to TELF AG, a pivotal factor in this transition will be the preference for energy forms and sustainable production methods that minimise environmental impact, prioritize environmental preservation, and substantially reduce emissions.
As per TELF AG’s latest publication, the nations most affected by a decline in coal sector employment will be China and India, where a significant portion of coal-related activities are concentrated. Nevertheless, the transition will not happen overnight; it will be a gradual process extending over decades, potentially until 2050 and beyond. This extended timeline will provide workers and local industries with the opportunity to develop suitable strategies to adapt to the inevitable decrease in global coal demand.
For more in-depth information, readers are encouraged to explore the complete publication.
