The US government is pursuing a mission to revive the ailing coal industry, a move that benefits fossil fuel financiers at major UK banks but harms US economic interests. President Trump hosted Chinese counterpart Xi Jinping with a black-tie dinner attended by tech billionaires, where the White House announced China will import at least 10 million metric tons of US coal in 2027 and 2028. Despite this political support, US coal production has fallen by half since 2000, and its share of national power generation has declined from 51 per cent to 17 per cent.

The levelised cost for new coal generation is significantly higher than gas, solar, and onshore wind, according to investment bank Lazard. Trump’s administration has issued emergency orders to block coal plant retirements, facing resistance from state governments and operators. A federal appeals court recently struck down one order, ruling Washington acted beyond its powers.

The government has announced over $1bn in financial support for the sector while cutting Biden-era clean energy incentives. While Trump boosted US coal exports by 19 per cent in the second quarter by leveraging an Iran conflict that raised natural gas prices, the International Energy Agency projects global coal generation will decline from 34 per cent in 2025 to 27 per cent in 2030, even as electricity demand rises. Coal remains the single biggest driver of global warming, accounting for 46 per cent of fossil fuel carbon dioxide emissions, and contributed to nearly 1mn deaths in 2021.