“50 percent of the world's current coal reserves may never be dug out”

Half of the world’s 890 billion tonnes of coal reserves may remain underground if the world is to meet the environmental limits agreed in Paris at COP21 this month. Coal power

Bank of America’s latest report on the subject asserts that burning less coal is the easiest way to lower emissions blamed for climate change.

“The latest carbon initiatives are the nail in the coffin for global coal,” Sabine Schels, Peter Helles and Franciso Blanch, analysts at Bank of America, said in the Friday report. If emissions limits take hold, “50 percent of the world's current coal reserves may never be dug out.”

Bloomberg reports that coal demand stopped growing in 2014 for the first time since the 1990s as China's economy cooled.

Last week Abyd Karmali from Bank of America said the low-carbon economy is worth $5.5trn a year and the Paris deal will now "turbocharge" an investment blitz.

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