Global Coal Roundup: Nations target coal, pledge more climate action in 2022

Europe

United Kingdom:

* Under pressure to avoid catastrophic climate change, nearly 200 nations agreed for the first time to phase down unabated coal-fired power plants and most fossil fuel subsidies while pledging to submit more ambitious emission reduction targets just a year from now.

Russia:

* State Development Corp. VEB.RF for new projects involving the extraction of raw materials, such as oil and coal, as part of its efforts to embrace the environmental, social and governance agenda, Reuters reported.

Asia

China:

* In a major diplomatic breakthrough for U.S. President Joe Biden's top climate envoy, John Kerry, both China and the U.S. agreed Nov. 10 to act jointly to boost global climate action this decade.

* In a rush to preserve dwindling coal supplies and to ease heightened pollution levels, China has asked several industries to hit the brakes and lower their electricity use. The disruption is hitting battery suppliers and lithium suppliers, and it could drive up prices amid already tight supply conditions.

Australia

* BHP Group announced at its annual general meeting in Melbourne on Nov. 11 that 84.9% of its shareholders approved the company's Climate Transition Action Plan, but Chairman Ken MacKenzie still had to play defense over the miner's climate ambitions.