By Justin Guay
India’s coal bubble is perilously close to bursting.
Last week the Indian court system handed down three landmark energy rulings. While an ultimate decision still looms, the combined weight of these initial rulings reaffirms one thing -- it’s time to diversify away from coal.
Of the three rulings, the most talked about came in response to public outrage over sweetheart deals for private mining companies that provided access to coal mine leases for next to nothing. The discovery of these backroom deals -- now referred to as the ‘coal gate’ scandal -- has rocked the Indian government, and the coal sector, for well over two years. The court’s ruling found that 218 of these leases were illegal, in a sweeping verdict that affects all mine leases issued from 1993 through 2010.
Last week the Indian court system handed down three landmark energy rulings. While an ultimate decision still looms, the combined weight of these initial rulings reaffirms one thing -- it’s time to diversify away from coal.
Of the three rulings, the most talked about came in response to public outrage over sweetheart deals for private mining companies that provided access to coal mine leases for next to nothing. The discovery of these backroom deals -- now referred to as the ‘coal gate’ scandal -- has rocked the Indian government, and the coal sector, for well over two years. The court’s ruling found that 218 of these leases were illegal, in a sweeping verdict that affects all mine leases issued from 1993 through 2010.