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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

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'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
China

China’s been using way more coal than we thought

By
Claire Groden
Claire Groden
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By
Claire Groden
Claire Groden
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September 17, 2015, 2:50 PM ET
China Daily Life - Pollution
BEIJING, CHINA - NOVEMBER 29: A Chinese man wears a mask as he waits to cross the road near the CCTV building during heavy smog on November 29, 2014 in Beijing, China. United States President Barack Obama and China's president Xi Jinping agreed on a plan to limit carbon emissions by their countries, which are the world's two biggest polluters, at a summit in Beijing earlier this month. (Photo by Kevin Frayer/Getty Images)Photograph by Kevin Frayer — Getty Images
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China has long been the world’s largest producer and consumer of coal. Last year, the U.S. Energy Information Administration estimated that it accounted for almost half of the world’s global coal consumption.

But a new report by the EIA says that China’s coal statistics have been significantly underestimated. According to the report, China consumed 14% more coal than previously reported between 2000 and 2013. That means the country’s total primary energy consumption was underestimated, too. Meanwhile, the report says China also produced 7% more coal than previously thought.

This upward revision means that China might have been emitting far more greenhouse gas than experts once believed–a crucial piece of information in the lead-up to an important United Nations climate change conference this December.

The report provides further evidence that Chinese coal use has started to peak–production fell 2% this year last year and consumption was flat, the EIA said. Much of that decline can be attributed to the Chinese government, which has aggressively shifted energy production away from coal and toward cleaner sources like natural gas as pollution becomes an escalating problem across the country.

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