As China's appetite for coal is booming, American investors and businesses are cashing in.
American pension and mutual fund money is being invested in the Chinese coal industry, which is lucrative but in general has a poor record for pollution and worker safety.
The biggest Chinese coal company is China Shenhua Energy Co. of Beijing, which produces about 170 million tons of coal a year from 21 mines and builds power plants. While about 80 percent of the company's stock is owned by Shenhua Group in Beijing, the rest of its shareholders reads like a who's who of U.S. investors: Fidelity Investments, OppenheimerFunds, Merrill Lynch, even the Teachers Retirement System of Texas............, blah, blah
.............................blah, blah blah
...........................BLAH BLAH BLAH BLAH:
Faced with increasing opposition from environmental groups, U.S. coal companies have begun pushing technology designed to reduce pollutants, including the greenhouse gas carbon dioxide. They've also been working with electricity producer China Huaneng Group on FutureGen. The planned $1.5 billion (€1.05 billion) experimental coal-fired power plant would serve to test carbon capture and underground storage, among other things.
and how IS FutureGen coming along? I hope they've broke ground. Time's a running out -- better get going ---
(oh, looks like they're still talking. HEY! TX is in the running to host this project - well whattayaknow - Surprise, surprise, surprise .......said Gomer!)
Nice report from energy dot gov back in 2003!!!
(oh - I see an up-date in 2006!! - yeah!)