evidence: From today’s perspective – as efforts increase around the world to accelerate clean energy transitions and reduce emissions from carbon-intensive fuels like coal – the past ten years look like a period in which global coal demand remained stubbornly high. Within the coal industry, however, it is a decade that fell short of initial high expectations. For example, the CEO of a major US coal producer was quoted by the Wall Street Journal in February 2011 as saying, "I actually think that the next decade for coal is going to be one of the best ever." [...] The shift in the market environment has resulted in changes in the global coal industry. Ten years ago, the world’s largest coal producers consisted of major multi-commodity miners (Rio Tinto, BHP Billiton, Anglo American and Glencore), US companies (Peabody Energy and Arch Coal) and three state-owned behemoths (Coal India, Shenhua Group and China Coal).