The rush for black gold: The global arms race brings coal back into fashion | Weekend special

The article examines the surprising renaissance of coal as a global energy source, against the backdrop of the energy crisis following the war in Ukraine. Many countries are forced to choose between climate goals and immediate energy security, leading to a surge in demand, reopening of mines, and extension of coal power plant lifespans. The trend is shifting the global balance of power and strengthening major coal exporters.

The article examines the surprising renaissance of coal as a global energy source, against the backdrop of the energy crisis that erupted following the war in Ukraine and disruptions in supply chains. Many countries are forced to choose between climate goals and immediate energy security, leading to a surge in demand, reopening of mines, and extension of coal power plant lifespans. Giant mining companies such as Glencore, BHP, and Rio Tinto, alongside national energy companies in China and India, find themselves at the center of enormous operational profits. The geopolitical implications are far-reaching: the global energy market is experiencing a sharp divide, as powers like China and India base their economic growth on cheap local coal, giving them a competitive advantage over Europe. The growing dependence on coal strengthens major coal exporters such as Australia, Indonesia, South Africa, and Russia. The trend indicates energy nationalism prevailing over green globalization. For Israel, which relies on natural gas, the crisis highlights the necessity of maintaining coal backup capabilities for emergencies and strengthens its position as a regional gas supplier.