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Citigroup: Coal mining sector running out of time

(Carbon Brief) US banking giant Citigroup says the global coal industry is set for an acceleration of mine closures, liquidations and bankruptcies, and warns that without carbon capture it will struggle. “In financial terms, we estimate that the value of unburnable reserves could amount to over $100 trillion out to 2050″, it says in a report released yesterday. Citigroup attributes a shift in the global energy mix to “politically driven” decline in investor appetite for coal driving the move to lower carbon forms of energy.

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