Energy & Science
Climate Change Is Squeezing Glencore’s Coal Business
- Europe is shifting away from coal burning to more natural gas
- Glencore wrote down the value of its Colombian coal mines
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Climate change and rock-bottom gas prices are taking a toll on Glencore Plc’s coal business.
The world’s biggest coal shipper cut the value of its Colombian business -- which mostly sells to Europe -- by almost $1 billion as it adjusts to the struggling market. It also plans to stop mining coal in Colombia in next 15 years.