Tussle over new UK mine embodies fight over coal-related emissions. uk mining coal
The UK is weighing whether to approve its first deep coal mine in three decades, a controversial £165 million project now facing opposition from an environmental law nonprofit group that says it exposes investors “unreasonably and unnecessarily” to financial risk.
A spokeswoman for EMR Capital declined to comment. The firm manages about $2.5 billion in assets and specializes in natural resources and mining. Earlier this month, ClientEarth won a legal battle in the High Court against the UK government over its vague targets and failure to comply with Britain’s own climate change legislation. The nonprofit also has other cases underway.
ClientEarth has a different view. It argues that as the steel industry moves to low-carbon products, reduced demand for coking coal will expose EMR Capital’s fund and its investors to significant financial risk. The Australian firm’s interest in the mine also appears to be at odds with its public commitments to support climate goals and meet responsible investment standards, including as a signatory to the United Nations Principles for Responsible Investment, the nonprofit said.
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