Deep in Indonesian Borneo, workers laid asphalt on a new 60-mile road being built to transport coal from mines that have never been busier.
At one end of the road, crews built a 40-foot-high conveyor belt that whisks the coal over swampland to a new jetty on the Mahakam River.
From there, the coal is funneled onto barges and floated downstream to a private port on the Pacific Ocean.
Giant loading machines fill equally massive ships headed for China, India and the Philippines.
Coal, the world's dirtiest fossil fuel, is booming, and few are profiting more than Low Tuck Kwong, the 76-year-old businessman behind one of Asia's largest coal-mining complexes.
Coal's resurgence as a cheap and reliable energy source propelled him to a spot on Forbes's 100 richest people.
Low's wealth is estimated to have swelled to $28 billion from $1 billion in the years since coal was assumed to be headed for the slag heap.
Some experts had concluded that coal consumption peaked in 2013 at 8 billion metric tons.
It has since surpassed that level three years in a row.
Indonesia, the world's largest coal exporter, is shipping more of it than any nation in history.
In December, the International Energy Agency abandoned projections that coal use would drop in coming years, saying that it will increase through at least 2027 to nearly 9 billion tons.
Western nations have turned away from coal, but emerging economies are taking up the slack, as more nations seek to industrialize, modernize and pull their people out of poverty.
A swath of Asia that spans Vietnam, Indonesia and the Philippines to India, Bangladesh and Pakistan-together home to 30% of humanity-has increased the share of its power supply that comes from coal.
By comparison, the U.K., where coal helped fuel the industrial revolution two centuries ago, shut down its last coal-powered plant in September.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A boycott of Costco for its DEI efforts is not likely to succeed
The US retailer has a loyal base of shoppers that it's unlikely to lose
Wealth tax: Let's judge it by principles of taxation
Tax canons laid down by Adam Smith remain relevant, though his list has been extended. Test the idea of a wealth tax against these, lest we get carried away by progressive idealism
MFD, RIA, RA: Explore your career as a financial adviser
Understand the earning potential, licensing and compliance to choose your best suited path
Hacked in 2024? India's privacy rules require you to take action
Draft digital personal data protection rules demand that data breaches be reported retrospectively
Cutting Through the Clutter: Key Focus Areas for Retail Investors in 2025
Remember that social media is for fun, and not serious topics such as personal finance advice
Health insurance claims: How to ensure grievance redressal
My health insurer recently rejected my claim, citing my inability to provide key internal hospital papers that they require.
Assam mining tragedy: Rescue operations on for fourth day
Rescue operations by multiple state and central agencies continued for the fourth day on Thursday to locate trapped miners inside an illegal rat-hole coal mine in Dima Hasao district of Assam, officials said.
Bank officers' union warns of strike
Bank officers' union AIBOC on Thursday threatened to go on a nationwide strike on 24-25 February to press for their various demands, including a five-day work week and adequate recruitment in all cadres.
Centre to give LPG subsidy to oil PSUs
The government is likely to provide a subsidy of ₹35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, people aware about the development said.
Earthquake-hit Tibet calls off search
Chinese officials say the focus is shifting to relocating the displaced survivors.
