Luxemburg-based asset manager Candriam announced Wednesday it would be divesting from thermal coal, effective December 31.
Candriam would exclude firms with an exposure to thermal coal greater than 10% as well as completely divesting from any new coal projects.
“Some companies trading in financial coal are coming under pressure from their shareholders to get out of coal,” an analyst said.
A broker said while environmental pressure will be somewhat of a bearish factor for speculative coal traders, declining volumes are likely to be a bigger driver for coal divestments as more control is handed to
fewer players as liquidity falls.
According to data from the London Energy Brokers’ association, 558.40 million mt of thermal coal derivatives were traded between January and August, a drop of 30% on the year and a drop of 75% from the same period in 2016.
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