Following the recent divestment announcements from Citigroup and ANZ bank, Benjamin Sporton, CEO of the World Coal Association has elaborated on why more investment in low-emission coal technologies is needed. He believes divestment away from coal overlooks the global role coal has and the potential opportunities that high-efficiency low-emission (HELE) coal technologies and carbon capture and storage (CCS) technologies have.
Sporton indicated: “We need more investment in low-emission coal technologies, not less. The International Energy Agency has said $1.9 trillion of investment is needed in cleaner coal technology to meet their 450 / 2° scenario. Taking investment out of coal actually threatens the deployment of high-efficiency, low-emission and carbon capture and storage technologies.”
He continued: “The many investors who remain involved with coal recognise that stepping away from the coal industry does not mean that the demand for coal goes away – it just means that environmentally conscious investors would lose any influence they had over the operation of those companies.”
Sporton also has drawn focus to the fact that if investment is not put into coal, it could decrease the ability to cut global emissions. He explained demand in southeast Asia is projected to expand by 4.8% y/y until 2035. He therefore reiterated the deployment of most efficient coal-fired power plants and increase investments in all low emission technologies is essential.
It is vital that investors actively engage with the coal industry, according to the World Coal Association CEO.
All low-emission technologies are needed to meet climate targets, according to Sporton. He emphasised energy needs, tackling energy poverty and reducing global emissions cannot be achieved without using all options available, such as low-emissions coal.
Edited from source by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/08102015/wca-ceo-more-investment-in-low-emission-coal-technologies-not-less-2979/