Iran’s closure of the Strait of Hormuz is driving a return to coal — the dirtiest of the fossil fuels — with many countries rushing to secure supplies.
Shares of Yancoal, one of Australia’s biggest coal producers, have surged by 40% since the start of the war, while ​​Pennsylvania-based Core Natural Resources is up 30%.
Japan and South Korea — both heavily reliant on energy imports from the Middle East — have lifted restrictions on older, less efficient coal-burning plants as they look to meet energy demand, Nikkei reported.
Experts warn that once a coal plant is brought back online, shutting it down could be politically unfeasible, raising fears of soaring carbon emissions.
