Coal India surpasses annual output target for first time in 17 years

Coal India announced that it had exceeded its annual production target of 700 million tonnes for the first time since the fiscal year ended in March 2006. The world's largest coal mining company expects to end its fiscal year with an output of 703.4 million tonnes, 13% more than the previous fiscal year's output of 622.6 million tonnes. A volume increase of 81 million tonnes in a single year by the end of fiscal year 2023 would be a historic high since the company's inception, the company said in a statement. Coal India last met its annual production goal in 2006, when it produced 343.4 million tonnes against a plan to produce 343 million tonnes. The miner, which accounts for 80% of India's annual coal output, is aiming for 780 million tonnes of output in the coming fiscal year in order to fuel its power utilities, which are expected to burn 8% more coal this year. Since Russia's invasion of Ukraine, India's coal-fired power output has increased much faster than any other country in Asia Pacific, highlighting the challenges that the world's third-largest greenhouse gas emitter faces in transitioning its economy away from carbon. When asked about rising coal use, the government has previously cited lower per capita emissions compared to richer nations and surging renewable energy output. Coal accounts for nearly 75% of India's power generation and utilities account for more than 75% of its coal use. India is the world's second largest producer, consumer and importer of the fuel. Coal India intends to ramp up production to 1 billion tonnes by March 2026 by increasing the capacity of its existing mines and opening new mines. Also Read Dust city: Mumbai has a whopping 11,125 construction sites Authum completes takeover of Reliance Home Finance Ltd