BANGKOK — Thailand’s biggest coal producer, Banpu, will no longer start any new coal developments as the company pivots toward green energy, company CEO Somruedee Chaimongkol said in an interview.
“We will only produce from our organic reserve that we have,” said Somruedee. “We have no plan to invest more in the coal mine assets.”
Banpu will instead shift resources toward natural gas and renewable energy. The plan is to have low-carbon green businesses contribute more than half of overall income by 2025.
The shift away from coal comes as the fossil fuel faces a global backlash from industry and investors seeking to cut carbon dioxide emissions. Coal is often cited as one of the world’s worst polluters, with the U.N. saying its transportation, storage and usage accounts for about 40% of greenhouse gas emissions.
Banpu, which operates mines in Indonesia and Australia, sold 38.8…
