The World Coal Association (WCA) has criticized a recent International Energy Agency (IEA) report for failing to call for investment in cleaner coal technologies. The inaugural Status of Global Energy Investment report highlights that coal investment grew by nearly a quarter in 2015.
“Unfortunately, the report fails to substantially address the need for greater investment in high-efficiency low-emission (HELE) and carbon capture and storage (CCS) technology,” WCA CEO, Benjamin Sporton, said.
According to Sporton, HELE and CCS technology are “vital to the long-term success of the Paris Agreement” under which nations committed to limited global temperature rises to under 2°C.
“In many countries, coal is the logical low-cost base-load power choice, particularly in Asia,” Sporton continued. “To assume that fossil fuels will not be required or can be substituted in the next few decades, is likely to lead to cheaper, less efficient coal technology being deployed, threatening the ability to deliver global climate objectives.”
“It is critical therefore, that energy investment is directed toward all forms of low-carbon technology – policy parity for CCS is essential if we are to collectively achieve the best outcomes possible.” According to Sporton, renewable energy growth has been driven by US$100 billion in subsidies.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/power/16092016/iea-report-a-missed-opportunity-2016-2435/
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